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Fran owns Tool Corporation stock having an adjusted basis of $21,000. As part of a tax-free reorganization involving Tool and Die Corporations, Fran exchanges her

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Fran owns Tool Corporation stock having an adjusted basis of $21,000. As part of a tax-free reorganization involving Tool and Die Corporations, Fran exchanges her Tool stock for $18,000 of Die stock and $6,000 (face amount and FMV) of Die'securities. What is Fran's recognized gain or loss, if any, and her basis in the Die stock

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