Kate transfers to her controlled corporation property with an adjusted basis of $10,000 in exchange for...

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Kate transfers to her controlled corporation property with an adjusted basis of $10,000 in exchange for stock of the corporat

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Answer 1

Answer #1

Ans.(a). Realized Gain = 3,000

Ans.(b). Recognized Gain = 5,000

Ans.(c). Corporation's Basis for the Property Recd = 15,000

Ans.(d). Kate's Basis for her Stock = 8,000

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Answer 2

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