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In year 1, Stone, a cash basis taxpayer, incorporated her CPA practice. No liabilities were transferred. The following assets were transferred to the corporation: Cash
In year 1, Stone, a cash basis taxpayer, incorporated her CPA practice. No liabilities were transferred. The following assets were transferred to the corporation:
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Immediately after the transfer, Stone owned 100% of the corporation's stock. The corporation's total basis for the transferred assets is:
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