Ermaine owns all 200 shares of peach corporation stock

Reference no: EM13566190

ermaine owns all 200 shares of Peach Corporation stock valued at $50,000. Kenya, a new shareholder, receives 200 newly issued shares from Peach Corporation in exchange for inventory with an adjusted basis of $40,000 and an FMV of $50,000. Which of the following statements is correct?

Reference no: EM13566190

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