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Problem 1: In order to induce Begonia Corporation to build a new manufacturing facility in Bangor, Maine, the city donates land (fair market value of $150,000) and cash of $50,000 to the corporation. Within several months of the donation, Begonia Corporation spends $250,000 (which includes the $50,000 received from Oxford) on the construction of a new plant located on the donated land.
a. Begonia must recognize income of $50,000 as to the donation.b. Begonia will have a zero basis in the land and a basis of $250,000 in the plant.c. Begonia must recognize income of $200,000 as to the donation.d. Begonia will have a zero basis in the land and a basis of $200,000 in the plant.e. None of the above.
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