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Calculate the amount of any gain that jimmy will report

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Question - Jimmy transfers a building with an adjusted basis of $50,000 and a fair-market value of $150,000 to XYZ Inc. in return for 100% of its stock. The building is subject to a $100,000 mortgage, which XYZ Inc. assumes. Please calculate the amount of any gain that Jimmy will report. Please also calculate Jimmy's basis in the stock. Show all of your work.

Reference no: EM132931185

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