Question
MED Corporate Formaiton #1 A shareholder donates real property with a basis of $67 million, a fair market value of $28million in return for cash
MED Corporate Formaiton #1
A shareholder donates real property with a basis of $67 million, a fair market value of $28million in return for cash of $2million and common stock with a fair market value of (67+28-2) Immediately after the transfer, the stockholder controls the corporation. How much of a gain in millions, if any, should the shareholder recognize on this transaction?
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Accounting In Business
Authors: R. J. Bull
5th Edition
0408014865, 978-0408014861
