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How much gain will Jimmy recognize from the transfer

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Question - During the current year, Jimmy incorporates his data processing business. Jimmy is the sole shareholder. The following assets are transferred to the corporation:

Cash $2,000

Computer Equipment:

Fair market value 20,000

Adjusted basis 12,000

Original cost 24,000

Furniture:

Fair market value 20,000

Adjusted basis 32,000

Original cost 64,000

Required - How much gain (loss) will Jimmy recognize from the transfer of the assets to the corporation?

Reference no: EM133183872

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