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Question - For bona fide business purpose, Dave transferred the following property to X Corp and X Corp assumes the $50,000 mortgage
Asset Basis Mortgage FMV
Building and land $120,000 $50,000 $160,000
Equipment $ 60,000 $ 40,000
In the exchange, Dave received 100% of X Corp only class of stock.
What is X Corp.'s basis in the property received in the exchange?
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