the basis for X's property is $1,500 instead of $300? Would your answer change if A had organized X two year ago by contributing the building, then worth $1,500 with a $1,500 basis in exchange for all the stock and A's stock basis is now $1,500 (assume no debt is involved).

Answer rating: 100% (QA)

A organized X 2 years ago by contributing a building worth 1500 in exchange for all o... View the full answer