22. LO.2, 3, 4 Adam transfers property with an adjusted basis of $50,000 (fair market value of...

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22. LO.2, 3, 4 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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