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Sheena Maskell Sheena Maskell
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7 years ago
Individuals Gayle and Marcus form GM Corporation. Gayle transfers land and a building with a $750,000 adjusted basis and a $830,000 FMV in exchange for 50% of the stock of the GM Corporation worth $700,000 and a $30,000 note. Marcus transfers equipment with a $790,000 adjusted basis and a $830,000 FMV for 50% of the stock worth $800,000 and a note of the GM Corporation valued at $30,000. The basis of the land and building to GM Corporation is
A) $750,000.
B) $780,000.
C) $830,000.
D) $860,000.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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Yoko900Yoko900
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Sheena M. Author
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#2
7 years ago
Thank you so much
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