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How much Mira will recognize a gain

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Question - Josh Holmes and Mira Hilt formed Ambrose Inc., on January 1, 2013. Josh contributes cash of $22,000,000 and Mira contributes property worth $22,000,000, each for 50 percent of Ambrose stock. Mira's basis in the property she contributed, which includes operating facilities, was $12,000,000. On January 2, 2019, Mira sells her stock to Cheryl Bazley for $25,000,000. As a result of the sale, how much Mira will recognize a gain?

1) $0

2) $13,000,000

3) $3,000,000

4) $10,000,000

Reference no: EM132481862

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