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Alonso Arroyo transfers inventory witha basis of $30,000 and a value of $22,000 to a corporation for stock of equal value. The transfer qualifies under

Alonso Arroyo transfers inventory witha basis of $30,000 and a value of $22,000 to a corporation for stock of equal value. The transfer qualifies under Code Sec. 351 and the stock under Code Sec. 1244.

a. If Alfonso sells his stock after two years for $13,000, how much is his gain or loss and what is its character?

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