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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 Equipment?
Option 1: $30,000Option 2: $80,000Option 3: $33,333Option 4: $46,667
On October 20, 2016, MICHAEL Company assigned 40 freezers to URIEL Company costing. What amount should be reported as consignment sales revenue for 2016?
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