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How much income must Hall Corp recognize

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Question - As part of a type A reorganization, Hall Corp. transferred property with value of $15 million and a basis of $8 million, in exchange for $13 million worth of stock in Gate Corp. and $2 million worth of two- year Gate Corp. notes. Hall immediately distributed the Gate stock and Gate notes to its shareholders pursuant to the plan of reorganization. How much income must Hall Corp. recognize as a result of its distribution of the Gate stock and Gate notes to shareholders?

Reference no: EM132276422

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