What is ivanias basis in her new corporation stock

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Reference no: EM133335587

Assignment:

Forming New Corporation, Ivania transfers land with a basis of $25,000, a FMV of $50,000, and subject to a $10,000 liability, in exchange for New Corporation stock worth $50,000. How much gain does Ivania recognize on the transfer? What is Ivania's basis in her New Corporation stock?

Reference no: EM133335587

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