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What are the tax consequences to Tony

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Question - Tony owns 40% of the stock of Avengers, Inc, with a FMV of $400,000. His basis in the stock is $225,000. In exchange for ½ of his stock, he receives property from Avengers with a FMV of $200,000. Avengers had a basis in the property of $160,000.

1. What are the tax consequences, if any, to Tony?

2. What are the tax consequences, if any, to Avengers?

Reference no: EM132907981

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