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Find the amount of gain ACME Co will recognize

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Question - Road, Inc. purchased the net assets of ACME Co. for $1,400,000 ($1,000,000 cash, $400,000 in ACME stock) directly from ACME Co.. ACME Co. had total assets with a BV of $1,000,000 and a FMV of $700,000, and total liabilities with both a BV and FMV of $300,000. Find the amount of gain ACME Co. will recognize from this transaction?

Reference no: EM132639813

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