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Calculate captain jack sparrow current income

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Reference no: EM133167203

Question - Captain Jack Sparrow exchanges qualified property, basis of $25,000 and fair market value of $42,000, for 65% of the stock in the East India Trading Corporation. The other 35% of the stock is owned by Barbossa, who acquired it five years ago. Calculate Captain Jack Sparrow's current income, gain, or loss and the basis he takes in his shares of East India Trading Corporation stock as a result of this transaction.

Reference no: EM133167203

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