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Sheena Maskell Sheena Maskell
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7 years ago
Daniel transfers land with a $92,000 adjusted basis and a $100,000 FMV to a corporation in a Sec. 351 transfer. Immediately after the transfer, Daniel owns 100% of the corporationstock with a FMV of $15,000. In addition, $85,000 of liabilities is assumed by the corporation with respect to the transfer. No other property is transferred. Daniel's basis in the stock is
A) $0.
B) $7,000.
C) $8,000.
D) $100,000.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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MsLippyMsLippy
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Sheena M. Author
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#2
7 years ago
Thank you so much
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