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Mabel transferred property to ABC Inc. in exchange for stock with a FMV of $170,000. Mabel controlled the ABC Inc. immediately after the transfer. As
Mabel transferred property to ABC Inc. in exchange for stock with a FMV of $170,000. Mabel controlled the ABC Inc. immediately after the transfer. As a condition of the exchange, ABC Inc. paid Mabel $15,000. Her basis in the property was $100,000. The corporation assumed liability for Mabel's mortgage on the property of $15,000. What is the amount of the gain Mable realized on this transaction
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Introduction To Federal Income Taxation In Canada
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
33rd Edition
1554965020, 978-1554965021
