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Evan Erman transferred inventory to a corporation in a Code Sec. 351 transaction. His basis in the inventory was $10,000 and its value was $8,000. If he received $2,000 in cash and 100 shares of stock, the resulting bases are:
a. Evan's stock: $8,000; Corporation's inventory: $10,000
b. Evan's stock: $10,000; Corporation's inventory: $10,000
c. Evan's stock: $10,000; Corporation's inventory: $8,000
d. Evan's stock: $8,000; Corporation's inventory: $12,000
If the unpaid balance on the above sale is $300 at the end of the grace period, the interest charge is:
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Amy, Beth, and Meg each own 100 of the 300 outstanding shares of Theta Corporation stock. Amy wants to sell her shares, which have a $40,000 basis and a $100,000 FMV. Either Beth and/or Meg can purchase Amy's shares (50 shares each) or Theta can r..
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