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Tim - contributes inventory held 13 months. The inventory is worth $40,000 [basis of $5,000] with a personal note of $10,000 for 30 shares. The
Tim - contributes inventory held 13 months. The inventory is worth $40,000 [basis of $5,000] with a personal note of $10,000 for 30 shares. The Mustang Corporation assumes the personal note . Wha...
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