Question
I transfer property with a basis of $30,000 and FMV of $60,000 in exchange for 50 shares of XYZ Corporation. Joe transferred property with a
I transfer property with a basis of $30,000 and FMV of $60,000 in exchange for 50 shares of XYZ Corporation. Joe transferred property with a basis of $10,000 and FMV of $40,000 in exchange for 50 shares. What is my gain? How much of it is recognized? What would change if in addition to the stocks I also received cash in the amount of $10,000?
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Federal Taxation 2016 Comprehensive
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
29th Edition
134104374, 978-0134104379
