Ace Corp.'s Basis in Building???
L & P formed Ace Corp.
L transferred Building - AB:40,000 FV:82,000 Mortgage: (10,000) for 60% of Stock
P transferred Land - AB: 5,000 FV:48,000 for 40% of Stock
A. $30,000
B: $40,000 What is the correct answer? Would you try?
Thank you,