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Y Corporation Distributes, as a dividend, a building with a fair market value of $100,000 and an adjusted basis to Y at the time of distribution of $50,000, to X Corporation which is the sole shareholder of Y Corporation. What is the basis of the building in the hands of X?

A. $100,000

B. $50,000

C $150,000

D. None of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M949669

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