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in 2021, Lila transfers land with a value of $1,000,000 and a basis of $200,000 to corporation Y in exchange for 50% of corporation y
in 2021, Lila transfers land with a value of $1,000,000 and a basis of $200,000 to corporation Y in exchange for 50% of corporation y common stock. at the same time, George transferred cash of $1,000,000 in exchange for the other 50% of corporation y common stock. what does Lila need to do when she files her return for 2021
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