Felix transfers land with a FMV of $900,000 to a newly formed corporation in exchange for all 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:

Question

Quizplus · Accepted Answer

The Answer of Felix transfers land with a FMV of $900,000 to a newly formed corporation in exchange for all 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