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Noah and Olivia form Globe Corporation with the following investments. FMV Noah- Cash $280,000 Olivia- Property (basis of $235,200) 336,000 Noah and Olivia both receive
Noah and Olivia form Globe Corporation with the following investments. FMV Noah- Cash $280,000 Olivia- Property (basis of $235,200) 336,000 Noah and Olivia both receive 1,000 shares of Globe stock, but Olivia also receives cash of $56,000. Assume that each share of the Globe stock is worth $280. a. Olivia's recognized gain is $ b. Olivia's basis in her Globe stock is $ c. Globe's basis in the property received is $
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