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George forms Plesko Corporation by transferring investment assets for 100% of the stock. At the time of the transfer, the assets were worth $50,000 and

George forms Plesko Corporation by transferring investment assets for 100% of the stock. At the time of the transfer, the assets were worth $50,000 and a basis of $70,000. What is George's basis in his shares of stock received? $20,000 O $120,000 $50,000 $70,000 None of the answers are correct

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