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(COC) Joey transfers a building with an adjusted basis of $55,000 and a fair-market value of $125,000 to XYZ Inc. in return for 100% of

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(COC) Joey transfers a building with an adjusted basis of $55,000 and a fair-market value of $125,000 to XYZ Inc. in return for 100% of its stock. The building is subject to a $95,000 mortgage, which XYZ Inc. assumes. Please calculate the amount of any gain that Joey will report. Please also calculate Joey's basis in the stock. Show all of your work Edit View insert Format Tools Table 12 Durant

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