During 2017, Mercedes incorporates her accounting practice. Mercedes is the sole shareholder. The following assets are transferred to the corporation:
Cash $1,000
Computer equipment:
Fair market value 10,000
Adjusted basis 6,000
Original cost 12,000
What is the corporation's total basis in all of the transferred assets?
a. $6,000
b. $7,000
c. $10,000
d. $11,000
e. $13,000
b
Business
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