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What are the tax consequences to bob

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Question: Bob is the sole shareholder of Bob, Inc. In the current year, he contributes the following: Property FMV = $100,000 AB= $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: EM133541930

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