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What is x corp basis in the property received in exchange

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Question - For bona fide business purpose, Dave transferred the following property to X Corp and X Corp assumes the $50,000 mortgage

Asset Basis Mortgage  FMV

Building and land $120,000 $50,000 $160,000

Equipment $  60,000 $  40,000

In the exchange, Dave received 100% of X Corp only class of stock.

What is X Corp.'s basis in the property received in the exchange?

Reference no: EM131680366

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