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Jorge contributed land he held as an investment (fair market value $152,000; basis $61,250) and inventory (fair market value $83,000; basis $76,250) to ABC Corporation
Jorge contributed land he held as an investment (fair market value $152,000; basis $61,250) and inventory (fair market value $83,000; basis $76,250) to ABC Corporation in exchange for 50 percent of the ABC stock (34 shares valued at $119,000) and $116,000 cash in a qualifying 351 exchange. |
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