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I know the answer for this problem is FALSE, but cannot seem to have a clear understanding of the answer. Please explain as to why
I know the answer for this problem is FALSE, but cannot seem to have a clear understanding of the answer. Please explain as to why it is FALSE with the problem below:
In general, the basis of property to a corporation in a transfer that qualifies as a nontaxable exchange under 351 is the basis in the hands of the transferor shareholder decreased by the amount of any gain recognized on the transfer
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