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Claudia transferred land with an adjusted basis of $73,000 and a fair market value of $80,000 to XYZ Incorporated in return for all of its
Claudia transferred land with an adjusted basis of $73,000 and a fair market value of $80,000 to XYZ Incorporated in return for all of its stock. Claudia also received a short-term note with a fair market value of $4,000. Please calculate the following for Claudia. You must show your all of your work. 1) Her realized gain 2) Her recognized gain 3) Her basis in the stock 4) Her basis in the note
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