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34 A taxpayer transfers inventory (basis of $80,000 and fair market value of $90,000) to a corporation in exchange for 100% of its stock. The

34 A taxpayer transfers inventory (basis of $80,000 and fair market value of $90,000) to a corporation in exchange for 100% of its stock. The stock's fair market value is $110,000. What is the immediate tax consequence to the taxpayer? O $80,000 realized gain O $0 recognized gain O $90,000 realized gain O $10,000 recognized gain

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