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Problem 1: Julian transferred 100 percent of his stock in Lemon Company to Apricot Corporation in a Type B stock-for stock exchange. In exchange, he received stock in Apricot with a fair market value of $207,500. Julian's tax basis in the Lemon stock was $415,000. What amount of loss does Julian recognize in the exchange and what is his basis in the Apricot stock he receives?
Option 1: $207,500 loss recognized and a basis in Apricot stock of $207,500. Option 2: Incorrect Option 3: $207,500 loss recognized and a basis in Apricot stock of $415,000. Option 4: No loss recognized and a basis in Apricot stock of $415,000. Option 5: No loss recognized and a basis in Apricot stock of $207,500.
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