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How much gain or loss does montgomery recognize

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Question - Montgomery Scott contributes a machine to Excelsior LLC in exchange for 15% of the membership interests in the limited liability company. His basis in the machine was $150,525 and its fair market value is $200,215. He also receives $175,500 in cash from Excelsior LLC.

Required -

(a) How much gain or loss does Montgomery recognize?

(b) What is his basis in his membership interests of Excelsior LLC?

(c) What is Excelsior LLC's basis in the machine?

Reference no: EM133188931

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