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Calculate amount of any gain that kathy will need to report

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Question - Kathy transfers a building with an adjusted basis of $150,000 and a fair market value of $200,000 to XYZ Inc. in return for 100% of its stock. The building is subject to a $160,000 mortgage, which XYZ Inc. assumes. Calculate the amount of any gain that Kathy will need to report. Also calculate Kathy's basis in the stock. Show all of your work.

Reference no: EM133129346

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