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Determine diego recognized gain on the transfer

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Reference no: EM133043769

Problem - Diego transfers real estate with an adjusted basis of $635,200 and fair market value of $889,280 to a newly formed corporation in exchange for 100% of the stock. The corporation assumes the liability on the transferred real estate in the amount of $755,888. Determine Diego's recognized gain on the transfer and the basis for his stock.

Reference no: EM133043769

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