Felix transfers land with a FMV of $900,000 to a newly formed corporation in exchange for all of the stock. The land has a basis of $300,000 and debt of $500,000. The basis of the land, in the hands of the corporation is:

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The Answer of Felix transfers land with a FMV of $900,000 to a newly formed corporation in exchange for all of the stock. The land has a basis of $300,000 and debt of $500,000. The basis of the land, in the hands of the corporation is:

Felix Transfers Land with a FMV of $900,000 to a Newly