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Teresa and Victor form a corporation with each shareholder receiving 50 percent of the stock. Victor transfers property and services, whereas Teresa transfers property only.
Teresa and Victor form a corporation with each shareholder receiving 50 percent of the stock. Victor transfers property and services, whereas Teresa transfers property only. The fair market value of Teresa's contributed property is $70,000 and her adjusted basis is $0. What is the minimum amount of property that Victor must contribute for Teresa to defer recognition of her realized gain under Code Sec. 351
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