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08-08-2024
Business

Answered

In a Section 351 transaction, Sandy contributes his apartment building to a new corporation in return for stock. He has a basis in the building of $40,000 and its value is $100,000. If Sandy receives stock worth $100,000, he will recognize gain of:
- $60,000
- $100,000
- $40,000
- $0

Answer :

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