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Consideration Transferred Basis to Fair Market Number of Shares Issued Transferor Value From Amil- Cash $25,000 $25,000 Installment note 80,000 215,000 2,400 From Rebecca- Cash Building Land $60,000 300,000 31,000 $60,000 400,000 40,000 5,000
Hyde Corporations basis in the installment note is a 1
Hyde Corporations basis in the building is X. Its basis in the land is
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Answers are highlighted in yellow: In this case, section 351 is being applicable of its shares, if, after contribution, that person or persons are in control (e.g. 80%) Solution: Therefore, Hyde corporation basis in Installment note- Carryover basis of contributor- Hyde corporation basis in Building Carryover basis of contributor Hyde corporation basis in Land Carryover basis of contributor 80000 300000 31000

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