Question: A and B organized Newco, Inc. A contributed a building with a basis of $ 4 0 , 0 0 0 and a FMV of

A and B organized Newco, Inc. A contributed a building with a basis of $40,000 and a FMV of $82,000 in exchange for 60% of the common stock. B contributed land with a basis of $5,000 and a FMV of$48,000 in exchange for 40% of its capital stock. The building contributed by A was subject to a $10,000 mortgage which Newco assumed., what is Newcos basis in the building contributed by A?

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