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Problem - Angie and Brad form Cats Are Us, Inc. Angie contributes $120,000 cash for 60% of the stock. Brad contributes an asset with an FMV of $90,000 and an adjusted basis of $30,000 for 40% of the stock. Brad also receives $10,000 cash from the corporation. What is the corporation's basis in the asset received from Brad?
a. $10,000
b. $30,000
c. $40,000
d. $90,000
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