Clark and Hunt organized Jet Corp. with authorized voting common stock of $400,000. Clark contributed $60,000 cash. Both Clark and Hunt transferred other property in exchange for Jet stock as follows:     Adjusted Basis Fair Market Value Percentage of Jet Stock Acquired Clark   $50,000 $100,000 40% Hunt 120,000   240,000 60%   What was Clark's basis in Jet stock? a.$0 b.$100,000 c.$110,000 d.$160,000

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.