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MED corporate formation #2 A stockholder exchanges land with a basis of $ 20 million, subject to a $ 14 million mortgage for common stock

MED corporate formation #2

A stockholder exchanges land with a basis of $ 20 million, subject to a $ 14 million mortgage for common stock and $ 7 million in cash. The fair market value of the land is $ 45. How much boot (in millions) did the stockholder receive on this transaction?

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