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Forming New Corporation, Ivania transfers land with a basis of $25,000, a FMV of $50,000, and subject to a $10,000 liability, in exchange for New
Forming New Corporation, Ivania transfers land with a basis of $25,000, a FMV of $50,000, and subject to a $10,000 liability, in exchange for New Corporation stock worth $50,000. How much gain does Ivania recognize on the transfer? What is Ivania's basis in her New Corporation stock?
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South Western Federal Taxation 2017 Corporations, Partnerships, Estates And Trusts
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
40th Edition
1305874331, 978-1305874336
