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What amount of loss does celeste recognize

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Reference no: EM133137538

Question - Celeste transferred 100 percent of her stock in Supply Chain Company to Marketing Corporation in a Type A merger In exchange, she received stock in Marketing with a fair market value of $582,000 plus $582,000 in cash. Celeste's tax basis in the Supply Chain stock was $1,390,000. What amount of loss does Celeste recognize in the exchange and what is her basis in the Marketing stock she receives?

Reference no: EM133137538

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