1. Kelly owns all the stock in Duncan Corp. Her Duncan stock has a basis of $118098 and a fair market value of $153945. Duncan Corp. is merged into Munro Corp. Pursuant to the reorganization, Kelly receives Munro preferred stock worth $49916 and Munro common stock worth $104029 in exchange for her Duncan Corp. stock. What is Kellys tax basis for her Munro Corp. preferred stock?

2. Kelly owns all the stock in Duncan Corp. Her Duncan stock has a basis of $114101 and a fair market value of $150239. Duncan Corp. is merged into Munro Corp. Pursuant to the reorganization, Kelly receives Munro preferred stock worth $47943 and Munro common stock worth $102296 in exchange for her Duncan Corp. stock. What is Kellys tax basis for her Munro Corp. common stock?

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