Kelly, Tanya, and Barry form The Paint Corporation. Kelly transfers a building (A/B $5,000, FMV $90,000); Tanya invests $50,000 cash and performs services worth $25,000. Barry transfers equipment (A/B $55,000, FMV $35,000) and land (A/B $40,000, FMV $40,000). They each receive 50 shares in The Paint Corporation, and each share is worth $1,500. The corporation assumes a $15,000 mortgage that Kelly owes on the building.The mortgage has business purpose. (d) What is Barry's stock basis?
