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What basis does ace take in the land

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Reference no: EM131826271

Question - Contribution to Capital by a Nonshareholder:

The city of Omaha donates land worth $500,000 to Ace Corp to induce it to locate in Omaha and crease an estimated 2,000 jobs for its citizens.

A) How much income, if any, must Ace report on the land contributions?

B) What basis does Ace take in the land?

C) Assume the same facts except the city of Omaha also donated to Ace $100,000 cash which the corp used to pay a portion of the $250,000 cost of equipment that it purchased six months later. How much income, if any, must Ace report on the cash contribution? What basis does Ace take in the equipment?

Reference no: EM131826271

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