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Emily , who is single, transfers property with an $ 8 8 , 0 0 0 basis and a $ 1 0 0 , 0
Emily who is single, transfers property with
an $ basis and a $ fair market valueFMV to Wildwood Corporation in exchange for all shares of Wildwood
stock. The shares qualify as Sec. stock. Two years later Emily sells the stock for $
a What are the amount and character of Emilys recognized gain or loss?
b How would your answer to Part a change if the FMV of the property were
$
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