Question: Andre transfers land ( FMV $ 1 , 0 0 0 , 0 0 0 ; AB: $ 3 5 0 , 0 0 0

Andre transfers land (FMV $1,000,000; AB: $350,000) & equipment (FMV $80,000; AB: $50,000) to form Phew Corporation in exchange for 100% of Phew Corporation's stock. Phew Corp. assumes Andres $500,000 debt on land. Without 357(c), what is Andres basis in the stock?With 357(c), what is Andres basis in the stock?

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