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3. Forming a Corporation. (Obj. 1) Daniel forms a corporation by transferring land worth $50,000 for 100% of the stock in the corporation. Daniel paid

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3. Forming a Corporation. (Obj. 1) Daniel forms a corporation by transferring land worth $50,000 for 100% of the stock in the corporation. Daniel paid $60,000 for the land. a. How much gain or loss do Daniel and the corporation recognize on the transfer? b. What is Daniel's basis in his shares of stock in the corporation? c. What is the corporation's basis in the land

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