Solved: The building had an adjusted basis to mr wilson of 56000, Accounting Basics

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The building had an adjusted basis to mr wilson of 56000

Question - Mr Wilson transfers a building with an fmv of 90000 to d Corp in exchange for 95 percent of its outstanding common stock. The building had an adjusted basis to mr Wilson of 56000 and a mortgage of 30000 which d Corp assumed. What is mr Wilson basis in the stock received

34000

56000

90000

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Accounting Basics: The building had an adjusted basis to mr wilson of 56000

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Accounting Basics: The building had an adjusted basis to mr wilson of 56000

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