Vanessa contributed $20,000 of cash and land with a fair market value of $100,000 and an adjusted basis of $40,000 to cook, inc. (an s corporation) when it was formed. the land was encumbered by a $30,000 mortgage executed two years before. what is vanessa's tax basis in her cook, inc. stock after formation?
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Vanessa contributed $20,000 of cash and land with a fair market value of $100,000 and an adjusted ba...
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