Michelle transferred a building with an adjusted basis

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Reference no: EM131207990

Michelle transferred a building with an adjusted basis of $65,000 and an FMV of $95,000 to T corporation solely in exchange for 87% of T's outstanding stock. T Corporation assumed a $75,000 mortgage upon the transfer. What is Michelle's basis in her stock, and what is T's basis in the building

Reference no: EM131207990

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