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1. A shareholder donates real property with a basis of $ 74 million, a fair market value of $ 26 million in return for cash
1. A shareholder donates real property with a basis of $ 74 million, a fair market value of $ 26 million in return for cash of $ 7 million and common stock with a fair market value of (74 + 26 - 7). Immediately after the transfer, the stockholder controls the corporation. How much of a gain in millions, if any, should the shareholder recognize on this transaction?
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