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Determine Jill and Joans realized gain or loss

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Question - Jill transfers equipment worth $170,000 with a basis of $70,000 to Green Corporation in exchange for 50% of Green stock worth $170,000.

Joan transfers property worth $100,000 with a basis of $30,000 and will perform $70,000 worth of services to Green in exchange for 50% of Green stock worth $170,000.

Required -

1. Determine Jill and Joan's realized gain or loss, recognized gain or loss, and basis in the stock.

2. Determine Green's basis in the assets.

Reference no: EM132876650

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