Question
11. Devitt transferred real estate to a corporation in a transaction that qualifies as a Code Section 351 transaction. The real estate was a capital
11. Devitt transferred real estate to a corporation in a transaction that qualifies as a Code Section 351 transaction. The real estate was a capital asset in Devitt's hands and will also be a capital asset when held by the corporation.Devitt's basis in the real estate was $10,000 and the value of the real estate was $8,000 on the date of the transfer. Devitt received $2,000 in cash and 100 shares of stock from the corporation in exchange for the real estate. What is Devitt's basis in the stock she received and what is the corporation's basis in the real estate?
plus see in attach the rest of questions at word document. thanks
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