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Helga decided to convert her sole proprietorship to an S corporation. She transferred business assets with adjusted basis of $22,000 and fair market value of
Helga decided to convert her sole proprietorship to an S corporation. She transferred business assets with adjusted basis of $22,000 and fair market value of $45,000 to the corporation. In addition, she transferred $10,000 to the corporation. What is her stock basis for income tax purposes at the time of creation
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