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Assume Jack and Jill, 25 and 75 percent shareholders,respectively, in UpAHill Corporation, have tax bases in theirshares at the beginning of year 1 of $24,000

Assume Jack and Jill, 25 and 75 percent shareholders,respectively, in UpAHill Corporation, have tax bases in theirshares at the beginning of year 1 of $24,000 and $56,000,respectively. Also, assume 2 answers

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