What are the tax consequences to bob

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Reference no: EM131838532

Bob is the sole shareholder of Bob, Inc. In the current year, he contributes the following:

Property FMV = $100,000 Adjusted Basis= $30,000

In exchange he receives $40,000 worth of stock and $60,000 in cash.

What are the tax consequences to Bob?

What basis will the corporation take in the property?

Reference no: EM131838532

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