1. A corporation receives land with a basis of $ 23 and a fair market value of $ 59 in return for common stock. The
1. A corporation receives land with a basis of $ 23 and a fair market value of $ 59 in return for common stock. The shareholder recognizes a gain of $ 2 on the transfer. What is the corporation's basis in the land?
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Authors: Hemang Doshi
1st Edition
1838989587, 978-1838989583
