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Milly transfers a building worth $100,000 (adjusted basis = $80,000) and land worth $50,000 (adjusted basis = $10,000) to EE Corp. in exchange for EE Corp. stock worth $126,000 and $24,000 cash in a Section 351 transaction. What is EE Corp.'s depreciable basis for the building that that it received from Milly? What is the depreciable basis of the land?
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