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Mandarini Mandarini
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7 years ago
Bob exchanges 4000 shares of Beetle Corporation stock that he had purchased for $800,000 for 6000 shares of Butterfly Corporation common stock with a fair market value of $1,000,000. What is Bob's recognized gain on the exchange and his basis in the Butterfly stock?
A)
Recognized Gain   Basis
$0   $1,000,000

B)
Recognized Gain   Basis
$0   $800,000

C)
Recognized Gain   Basis
$200,000   $1,000,000

D)
Recognized Gain   Basis
$100,000   $800,000
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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strwbrrystrwbrry
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7 years ago
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Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day.
   --Bertrand Russell, 1950

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3 years ago
Thank you!
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