The basis in the land to the corporation is zero. Under §362(c)(1)(B), property other than money contributed by a nonshareholder has a zero basis to the corporation.
A corporation received land valued at $80,000 from the town as an incentive to develop an industrial park. The town has no ownership interest in the corporation. What is the basis of the land to the corporation?
Modified on: Sun, 5 Feb, 2017 at 9:06 PM
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