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JKL, inc. is a rapidly growing development and construction company operating in Denver.
JKL, inc. is a rapidly growing development and construction company operating in Denver. Several years ago it decided to expand its business to the mountains so it could take advantage of the lucrative condominium market. To this end, the corporation persuaded M, N, and O, all of whom had built several projects in mountain communities communities to become a part of JKL, and JKL contributed assets to a new corporation, X, in a transaction qualifying under code section 351. M contributed the following assets for 25% of the stock, worth $450,000, and $50,000 cash: land worth $300,000 (basis $25,000); office building worth $70,000 (basis $90,000); and a crane worth $130,000 (basis $100,000). This year the corporation subdivided the land and began selling the unimproved property. What basis should X corporation assign to the land for purposes of computing gain and loss on the lot sales?
