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Determine joe basis in jh corp and jh corp in equipment

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Reference no: EM133186235

Question - In a transaction qualifying under Section 351, Joe transfers the following assets to JH corporation in exchange for all of its stock and $100,000.

 

Basis to Transferor

FMV

Equipment

$400,000

$220,000

Land

$200,000

$330,000

Building

$250,000

$550,000

Required - Determine Joe's Basis in JH Corp and JH Corp's in Equipment, Land, and Building.

Reference no: EM133186235

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