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In a Section 351 transaction, Thomas transferred the following assets to Harp Corp. in exchange for all of its stock:Assets Basis ValueEquipment$60,000$50,000Building$200,000$180,000Land$50,000$100,000Assuming no special election has been made, what is Harp Corp.'s basis in the equipment?a)$60,000b)$50,000c)$53,030d)$63,030
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