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Sim Pathy contributed land (fmv $50,000, basis $40,000, mortgage of $10,000 assumed by corporation) for all stock in CCC corporation. Discuss tax consequences to Sim

Sim Pathy contributed land (fmv $50,000, basis $40,000, mortgage of $10,000 assumed by corporation) for all stock in CCC corporation. Discuss tax consequences to Sim and C corporation.

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