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What is the amount of gain or loss to be recognized by marty

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Question - Marty Samour incorporated his cash basis consulting business. He transfers equipment that has a zero basis and a fair market value of $2000. He also transfers accounts receivable of $12,000 and accounts payable of $15,000. What is the amount of gain or loss to be recognized by Marty?

1. $3,000 loss.

2. $2,000 gain.

3. $3,000 gain.

4. No gain or loss.

Reference no: EM132573558

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