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16) Sophia, a cash basis accountant, transfers all of the assets and liabilities of her practice to Kandoo Corporation in exchange for all of Kandoo
16) Sophia, a cash basis accountant, transfers all of the assets and liabilities of her practice to Kandoo Corporation in exchange for all of Kandoo Corporation's stock. The assets include $20,000 of accounts receivable. What is the Corporation's basis in the receivables? Will the corporation be taxed on the receivables, as they are collected
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