Tom contributed the following assets to Green corporation in a Section 351 transaction. A building with a basis of $500,000 and fair market value of $400,000. Land with a basis of $50,000 and a fair market value of $100,000. Equipment with a basis of $80,000 and a fair market value of $30,000. 

What is Green's basis in the Equipment?

Answer rating: 100% (QA)

In a Section 351 transaction the transferor Tom in this case contributes assets to the tra... View the full answer