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Ms. White transferred property having an adjusted basis of $145,000 and a fair market value of $160,000 to Corporation T in exchange for 100% of
Ms. White transferred property having an adjusted basis of $145,000 and a fair market value of $160,000 to Corporation T in exchange for 100% of T's only class of stock and $20,000 cash. At the time of the transfer, the stock had a fair market value of $115,000. What is the basis of the stock Ms. White received in this transaction?
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Management and Cost Accounting
Authors: Alnoor Bhimani, Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
6th edition
1292063467, 978-1292063461
