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What are the tax consequenses from receiving these funds

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Reference no: EM132004366

Question - Corporate Tax questions

1. Mega corporation negotiated with Jerry, trying to get him to transfer some land and a building (basis of 200,000 and FMV of 350,000), but Jerry refused. Instead he agreed to lease the property to the new corporation. Explain why this was very likely a provident move by Jerry.

2. Telsa Corporation received $400,000,000 from the state of Nevada to built a plant in that state. What are the Tax consequenses from receiving these funds?

Reference no: EM132004366

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