Solution-What is green basis in the equipment

What is green basis in the equipment

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Reference no: EM132842421

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: $30,000
Option 2: $80,000
Option 3: $33,333
Option 4: $46,667

Reference no: EM132842421

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What is green basis in the equipment

Reference no: EM132842421

Reference no: EM132842421

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