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How much gain or loss must lucy recognize on the exchange

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Reference no: EM131826259

Queston - Transfer to an existing corporation:

For the last three years, Lucy and Marvin each have owned 50 of the 100 outstanding shares of Lucky Corp stock. Lucy transfers property having an $8000 basis and a $12000 FMV to Lucky for an additional ten shares of Luck stock. How much gain or loss must Lucy recognize on the exchange?

If the transaction does NOT meet the Sec. 351 requirements, suggest ways in which it can be structured so as to meet these requirements.

Reference no: EM131826259

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