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The Stock of OVER Corp is owned 40% by Steel Corporation, 40% by John Jones and 20% by Jill Greene. As of June 30, 2019, OVER Corp had the following assets:
Adjusted Basis FMV
Cash $ 20,000 $ 20,000
Equipment 32,000 60,000
Land 47,000 40,000
Verizon stock 25,000 30,000
Steel Corporation acquired its stock in 1995 paying $27,000 for it, Jones acquired his stock in 1999 paying $60,000 for it and Greene acquired her stock in 2009 paying $23,000 for it. None of the assets of OVER Corp. had been acquired in the prior two years. On June 30, 2019, OVER Corp. adopts a plan of liquidation and immediately distributes its assets to Steel Corporation, Jones and Greene. Steel Corporation receives the Equipment, Jones receives the Cash and the Land and Greene receives the Verizon stock.
Question 1: What is Steel Corporation's basis in the Equipment it receives?
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