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What is Katie tax basis for her Mead Corp stock

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Reference no: EM132276427

Question - Pursuant to a corporate reorganization, Katie exchanged 1,000 shares in Burton Corp. with a basis of $12,000 and a value of $9,500, for stock in Mead Corp. worth $9,000 and cash of $500

1. What is Katie's realized and recognized gain or loss from the reorganization?

2. What is Katie's tax basis for her Mead Corp. stock?

Reference no: EM132276427

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