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Title: Ron transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of liabilities to a corporation ... Post by: Augustus1 on Jan 10, 2017 Ron transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of liabilities to a corporation in exchange for 100% of the corporation's stock with a FMV of $30,000. The corporation assumes the $70,000 mortgage. The transfer qualifies under Sec. 351. What is the adjusted basis of the stock received?
A) $0 B) $30,000 C) $60,000 D) $70,000 Title: Re: Ron transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of liabilities to a ... Post by: MsLippy on Jan 10, 2017 Content hidden
Title: Re: Ron transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of liabilities to a corporation ... Post by: Augustus1 on Mar 19, 2017 I needed this so bad, I'm laughing right now from happiness
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