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What is manny realized gain or loss

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Question - Krissy Kraus and Manny Martin form K&M Corp.  Krissy transfers land with an adjusted basis of $20,000 for stock worth $18,000 and $3,000 cash.  Manny transfers a backhoe with an adjusted basis of $20,000 for stock worth $11,000 and $8,000 cash.  What is Krissy's realized gain/loss?  Will she recognize any of that gain/loss? What is Manny's realized gain/loss? Will he recognize any of that loss?

Billy Barker, a married taxpayer, has basis in IRC 1244 stock of $110,000 when it becomes worthless. What is his gain or loss? How much is ordinary? How much is capital?

Reference no: EM131730334

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