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What will Holiday basis be in the machinery contributed

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Question - A group of investors contributed property to form Holiday Inc., a C corporation. One of the investors, Saeed, contributed machinery with a FMV of $160,000. At the time it was contributed Saeed's adjusted basis in the machinery was $155,000. In return for the machinery Saeed received $150,000 in Holiday Inc. stock and $10,000 in cash. What will Holiday's basis be in the machinery contributed by Saeed?

Reference no: EM133095933

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