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What is the basis of the property to Swift Corporation

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Reference no: EM132631032

Problem - Adam transfers property with an adjusted basis of $50,000 (fair market value of $400,000) to Swift Corporation for 90% of the stock. The property is subject to a liability of $60,000, which Swift assumes.

Required -

a. What is the basis of the Swift stock to Adam?

b. What is the basis of the property to Swift Corporation?

Reference no: EM132631032

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