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Problem - Rebecca holds 100 shares of Gotchas stock that she purchased for $1,000 several years ago. In a merger of Gotchas into Solis, Inc., Rebecca exchanges her 100 Gotchas shares for 1,000 Solis shares and $500. Gotchas is valued at $40 per share and Solis at $3.50 per share. Prepare your solution using spreadsheet software such as Microsoft Excel.
Required -
a. What is Rebecca's realized and recognized gain/loss from the reorganization?
b. What is Rebecca's basis in her Solis stock?
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