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Calculate Ion Corporation basis in the equipment

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Problem - Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $156,400 and fair market value of $234,600). Simon invests $187,680 of cash. They each receive 100 shares in Ion Corporation, worth $187,680, but Yvonne also receives $46,920 in cash from Ion. Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the Ion stock.

Reference no: EM132988079

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