LO.1, 2, 3 Adam transfers property with an adjusted basis of $50,000 (fair market value of $400,000)
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LO.1, 2, 3 Adam transfers property with an adjusted basis of $50,000 (fair market value of $400,000) to Swift Corporation for 90% of the stock. The property is subject to a liability of $60,000, which Swift assumes.
a. What is the basis of the Swift stock to Adam?
b. What is the basis of the property to Swift Corporation?
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Related Book For
South Western Federal Taxation 2013 Corporations Partnerships Estates And Trusts
ISBN: 9781133495574
36th Edition
Authors: William H. Hoffman, William A. Raabe, James E. Smith, David M. Maloney
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