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Diego transfers real estate with an adjusted basis of $ 3 8 4 , 4 0 0 and fair market value of $ 5 3
Diego transfers real estate with an adjusted basis of $ and fair market value of $ to a newly formed corporation in exchange for of the stock. The corporation assumes the liability on the transferred real estate in the amount of $
Determine Diego's recognized gain on the transfer and the basis for his stock.
If amount is zero, enter
Diego has a recognized gain on the transfer of $ and a basis of $ for his stock.
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