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What is the corporations basis in the building

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Reference no: EM132468445

Problem - Ruth Rainer incorporated her office building with a basis of $40,000, a mortgage of $55,000, a value of $100,000, and depreciation recapture potential of $7,000. She received stock worth $45,000.

Required -

A) What is Ruth's realized and recognized gain? What character is it?

B) What is Ruth's basis in her stocks?

C) What is the corporation's basis in the building?

Reference no: EM132468445

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