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In a transaction qualifying under 351, Kelcy transfers the following assets to Connor Corporation in exchange for all of its stock: equipment (basis $200,000; fair

In a transaction qualifying under 351, Kelcy transfers the following assets to Connor Corporation in exchange for all of its stock: equipment (basis $200,000; fair market value $180,000), land (basis $65,000; fair market value $80,000) and machinery (basis $100,000; fair market value $95,000). The alternative approach is not elected.

Connor Corporation has a basis of: ........................................... in the equipment, $ ............................................................ in the land, and $ ....................................... in the machinery. Kelcy recognizes ...............................................................on the transfer. Kelcy's has a basis of $ ................................................................................ for his stock.

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