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R and J form a C corporation with equal share. R transfers $4,000 cash in return for 4,000 shares of stock worth $4,000. J transfers

R and J form a C corporation with equal share. R transfers $4,000 cash in return for 4,000 shares of stock worth $4,000. J transfers property to the corporation in return for 4,000 shares of stock worth $4,000. Js tax basis in the property at the time of the contribution was $1,000 with fair market value was $7,000. It was subject to a liability of $2,000, which the corporation assumed. J purchased the property 4 years ago. a. What is Js amount realized? b. What is Js gain realized? c. What is Js gain recognized? d. What is Js tax basis in her stock? e. What is Js holding period: tacks or new? f. What is the corporations tax basis in the property?

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