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What is the basis of Robinson stock in ABC

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Reference no: EM132904880

Question - In 2012, Robinson has transferred a property (FMV $100,000, Adjusted Basis $20,000) for an 80% interest in ABC corporation (1,000 shares). The land had a $40,000 mortgage which was assumed by the corporation.

Does Robinson recognize gain, loss, or income from the transfer of the assets to ABC Corporation?

What is the basis of Robinson's stock in ABC?

What basis does ABC have in the land?

Reference no: EM132904880

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