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What is Shary basis in the S corporation after formation

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Problem - Shary formed an S corporation by contributing $20,000 cash and land with a fair market value of $100,000 and an adjusted basis (to Shary) of $40,000. The land was secured by a $30,000 mortgage. What is Shary's basis in the S corporation after formation?

Reference no: EM133027915

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