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2. Connie contributes a machine (basis $3,000, value $5,000) to her controlled corporation in exchange for stock worth $4,200 and $800 in cash. (a) How

2. Connie contributes a machine (basis $3,000, value $5,000) to her controlled

corporation in exchange for stock worth $4,200 and $800 in cash. (a) How much gain

will she recognize? (b) What's her basis in her stock? (c) What's the corp's basis in the

machine?

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