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Henry transfers property with an adjusted basis of $90,000 and an FMV of $100,000 to a newlyformed corporation in a Sec. 351 exchange. Henry receives
Henry transfers property with an adjusted basis of $90,000 and an FMV of $100,000 to a newlyformed corporation in a Sec. 351 exchange. Henry receives stock with an FMV of $80,000 and a shortterm note with a $20,000 FMV. What is Henry's realized gain? recognized gain? Please explain how these amounts were determined
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