City of Los Angeles donates land to ABC Corporation as an inducement f

City of Los Angeles donates land to ABC Corporation as an inducement for ABC to locate there. The land is worth $2 million. The city also donates $500,000 of cash to ABC.A. what basis will ABC Corporation have in land?B. If ABC purchases property 6 months later with the $500,000 cash, what basis will it have in the property?

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