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What is green basis in the building

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Tom contributed the following assets to Green corporation in a Section 351 transaction. A building with a basis of $500,000 and fair market value of $400,000. Land with a basis of $50,000 and a fair market value of $100,000. Equipment with a basis of $80,000 and a fair market value of $30,000.

Problem 1: What is Green's basis in the Building?

Option 1: $400,000
Option 2: $500,000
Option 3: $466,667
Option 4: $433,333

Reference no: EM132842358

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