Transferred property to hummingbird in exchange

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Three years ago, Irene and Julie formed Hummingbird Corporation. Each transferred property to Hummingbird in exchange for 50 shares of its stock. In the current year, Jaime transfers property worth $600,000 (basis of $90,000) for 50 shares (a one-third interest) in Hummingbird Corporation

Reference no: EM13789221

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