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What is jim gain from this transaction

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Reference no: EM132919472

Question - Jim contributes property with a basis of $50,000 and a fair market value of $100,000 to a corporation in exchange for stock and he also receives a car from the corporation that is worth $25,000.

1. What is Jim's gain from this transaction?

2. What is Jim's basis in the stock?

Reference no: EM132919472

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