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  3. adam contributes land with a basis of $120,000 and

Adam contributes land with a basis of $120,000 and a fair market value of $250,000...

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Accounting

imageimage Adam contributes land with a basis of $120,000 and a fair market value of $250,000 to corporation in exchange for 100% of the corporation stock. The land is subject to a $50,000 mortgage. In addition, Adam receives $30,000 cash from the corporation in addition to the stock. What is Adam's basis in the stock? $150,000$100,000$70,000$120,000 Barney and Al each own one-half of the stock in Corporation XYZ Inc. XYZ distributes $350,000 to Barney on April 1 and $150,000 to Al on May 1. If XYZ 's cuurent E&P is $60,000, how much is allocated to Al's distribution? $18,000$10,000$30,000$5,000

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