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Brian incorporates his sole proprietorship as Fancy Corporation and transfers its assets to Fancy in exchange for all 100 shaConsideration received in exchange for asset: Stock Notes Total proceeds Minus: Adjusted basis Realized gain (loss) Boot receAdjusted Assets Basis FMV Cash 3,600 $ 3,600 Equipment $ $ 140,000 (15,000) 65,000 95,400 Minus: Accumulated depreciation Buia. What are the amounts and character of Brians recognized gains or losses? b. What is Brians basis in the Fancy stock and

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