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What tax consequences to Courtney and Kurt

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Question - Courtney Vile and Kurt Barnett form Radical INC. Courtney contributes a building that has a fair market value of 150000 in exchange for 50 shares of Radical worth 50,000. The building has an adjusted basis of 120000 and is subject to a mortgage of 100000. Kurt contributes inventory that has a fair market value of 50,000 in exchange for 50 shares of Radical. The inventory has a basis to Kurt of 55,000. What tax consequences to Courtney and Kurt? What basis will Radical have in the property received?

Reference no: EM133061425

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