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Taxpayer C forms C Corporation. Taxpayer C transfers a piece of land with a fair market value ( FMV ) of $ 4 0 0
Taxpayer C forms C Corporation. Taxpayer C transfers a piece of land with a fair market value FMV of $and an adjusted basis AB of $ for of the Common Stock of C Corporation. The taxpayer has loans secured by the land: Mortgage Loan # for $a business loan taken out for a valid business purpose; and Mortgage Loan # for a shortterm loan with the land pledged as collateral and used by Taxpayer to pay off his personal gambling losses to his bookie.
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