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Chen contributes property with an adjusted basis of $80,000 and a fair market value of $100,000 to a newly formed business entity. If the entity

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Chen contributes property with an adjusted basis of $80,000 and a fair market value of $100,000 to a newly formed business entity. If the entity is a C corporation and the transaction qualifies under 351, the corporation's basis for the property and the shareholder's basis for the stock are: Asset Basis Stock Basis $100,000 $80,000 $100,000 $100,000 $80,000 $80,000 $80,000 $100,000 Od

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