Breslin Inc. made a capital contribution of investment property to its 100 percentowned subsidiary, Crisler...
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Accounting
Breslin Inc. made a capital contribution of investment property to its 100 percentowned subsidiary, Crisler Company. The investment property had a fair market value of $3,100,000 and a tax basis to Breslin of $2,860,000.
What gain or loss, if any, would Crisler recognize if it received a contribution to capital of the property from the local city government? What basis would it take in the property?
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