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QUESTION
In 2017, Sally transferred a building with adjusted basis of $40,000 and a fair market value of $45,000 to Sandy Corporation. In exchanged she
In 2017, Sally transferred a building with adjusted basis of $40,000 and a fair market value of $45,000 to Sandy Corporation. In exchanged she received the following ??
- 80 % of Sandy Corporation's only class of stock, fair market value of $25,000
- Equipmet with a fair market value of $25,000 and an adjusted basis of $10,000
What is Sandy's Corporation basis in the building receicved in the transfer
