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Question - Dan Knight and Patricia Chen, who are good friends, form Crane Corporation. Dan transfers land (worth $200,000, basis of $60,000) for 50% of the stock in Crane. Patricia transfers machinery (worth $150,000, adjusted basis of $30,000) and provides services worth $50,000 for 50% of the stock.
Required -
a. What are the tax consequences to Dan and Patricia?
b. What is Crane Corporation's basis in the land and the machinery?
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