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3. Assume the same facts as in Problem 2 except that the land has a basis to B of $40,500 (instead of $10,000). In exchange

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3. Assume the same facts as in Problem 2 except that the land has a basis to B of $40,500 (instead of $10,000). In exchange for this land (FMV $42,000), B receives 40 shares of stock and cash of $2,000. Required: A. What is B's recognized gain? B. what basis will B have in the stock he receives? C. what basis will ABC Corporation have in the land? 3. Assume the same facts as in Problem 2 except that the land has a basis to B of $40,500 (instead of $10,000). In exchange for this land (FMV $42,000), B receives 40 shares of stock and cash of $2,000. Required: A. What is B's recognized gain? B. what basis will B have in the stock he receives? C. what basis will ABC Corporation have in the land

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