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Rebecca holds 100 shares of Gallery stock that she purchased for $1,000 several years ago. In a merger of Gallery into Sun, Inc., Rebecca exchanges

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Rebecca holds 100 shares of Gallery stock that she purchased for $1,000 several years ago. In a merger of Gallery into Sun, Inc., Rebecca exchanges her 100 Gallery shares for 1,000 Sun shares and $500. Gallery is valued at $40.00 per share and Sun at $3.50 per share. a. What is Rebecca's realized and recognized gain/loss from the reorganization? b. What is Rebecca's basis in her Sun stock

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