advanced tax, Taxation

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The Madison Restaurant was formed a S corporation at the end of last year. Bob Buron,
owns 60% of the stock, manages the restaurant. Ray Huges owns the remaining 40%
of the stock. Mr. Buron contributed $30,000 of cash and services worth $35,000
to start the S corporation. Mr. Huges contributed property with a cost to him of
$50,000 and a fair market value of $75,000 to also start the S Corp.

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