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G is a cash basis consultant. His balance sheet at the end of the year shows receivables of $100 and accounts payable for utilities of

G is a cash basis consultant. His balance sheet at the end of the year shows receivables of $100 and accounts payable for utilities of $30.

A.) What is Gs basis in the receivables?

B.) If G transfers the receivables to a new corporation in exchange for 100% of the stock and the corporation assumes the liabilities is G taxed on the transfer?

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