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What is abc basis in the building

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Question: Jack transferred a tiny stand-alone office building in St. John's with an adjusted basis of $75,000 and the fair market value of $130,000 to ABC Corporation in exchange for 80% of ABC's stock plus a car with an adjusted basis to ABC of $25,000. The fair market value of the car was $30,000 and the fair market value of the stock was $100,000. What is ABC's basis in the building?

Reference no: EM132716327

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