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T 3. In a Section 351 exchange, Max transfers property to his corporation worth $30,000. His basis in it was $8,000, and it was subject
T 3. In a Section 351 exchange, Max transfers property to his corporation worth $30,000. His basis in it was $8,000, and it was subject to $11,000 of debt. In exchange he received $19,000 of stock in the corporation. How much gain, if any, will Max recognize on the exchange
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