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Calculate the recognized gain for stacey

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Question - Stacey transferred land with an adjusted basis of $255,000 and a fair market value of $350,000 to ABC Corporation in return for all of its stock. Stacey also received a $50,000 short-term note. Please calculate the following for Stacey. You must show your all of your work.

1) Her realized gain

2) Her recognized gain

3) Her basis in the stock

4) Her basis in the note

Reference no: EM133147092

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