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In order to induce Yellow Corporation to build a new manufacturing facility in Knoxville, Tennessee, the city donates land (fair market value of $400,000) and cash of $100,000 to the corporation. Several months after the donation, Yellow Corporation spends $450,000 (which includes the $100,000 received from Knoxville) on the construction of a new plant located on the donated land. A. Yellow recognizes income of $100,000 as to the donation. B. Yellow has a zero basis in the land and a basis of $450,000 in the plant. C. Yellow recognizes income of $500,000 as to the donation. D. Yellow has a zero basis in the land and a basis of $350,000 in the plant. E. None of the above.
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In order to induce Yellow Corporation to build a new manufacturing facility in Knoxville, Tennessee,...
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