A shareholder contributes land and a building with fair market values of 308 and $837 respectively in return for common stock and $ 11 in cash. How much boot, if any, is allocated to the land?

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 30CE
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A shareholder contributes land and a building with fair market values of $
308 and $837 respectively in return for common stock and $ 11 in cash.
How much boot, if any, is allocated to the land?
Transcribed Image Text:A shareholder contributes land and a building with fair market values of $ 308 and $837 respectively in return for common stock and $ 11 in cash. How much boot, if any, is allocated to the land?
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