Taxpayer puts in $2,000,000 of assets (FMV) into a corporation in exchange for common stock. His basis is 450,000. If this transaction is taxable…
A: Taxpayer puts in $2,000,000 of assets (FMV) into a corporation in exchange for common stock. His basis is 450,000. If this transaction is taxable what is the:
- Realized gain/ loss:
- Recognized gain/ loss:
- Basis in new asset (stock):
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