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Yin Hung, who is single, forms a corporation using a tax-free assets transfer which qualifies under Section 351. She contributes property having an adjusted basis
Yin Hung, who is single, forms a corporation using a tax-free assets transfer which qualifies under Section 351. She contributes property having an adjusted basis of $80,000 and a fair market value of $90,000. The stock received from the corporation is Section 1244 stock. Three years later, the corporation goes bankrupt and its stocks become worthless. Yin Hung's loss is
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