N Corp acquired property with an adjusted basis of %50,000 and a FMV of $73,000 in exchange

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N Corp acquired property with an adjusted basis of %50,000 and a FMV of $73,000 in exchange for 75% of its only class of stock. What is N Corp's basis in the property acquired?

A. $0

B. $23,000

C. $50,000

D. $73,000

Related Book For answer-question

South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts

ISBN: 9781305399884

39th edition

Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young

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Posted Date: Nov 07, 2018 12:39 AM

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N Corp acquired property with an adjusted basis of %50,000 and a FMV of $73,000 in exchange

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Basis 50000 FMV 73000 ... View the full answer

South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts

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