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Mary and Sarah are contemplating transferring property to start a new company, M&S Incorporated that will manufacture machines for the construction industry. Mary and Sarah are asking for advice and direction on Section 351 exchanges of property for new corporate stock. They would like you to assist them in understanding the realized gain, recognized gain, and investor basis in the stock with the exchange. They are contemplating transferring property-cash and equipment-to start M&S Incorporated. Mary and Sarah will be 100% owners of the new company.
The following information is available for the year:
Mary
Sarah
Asset
(equipment) $20,000
(cash) $30,000
Adjusted basis
$20,000
$30,000
Fair market value
$25,000
Consideration given
50 shares
Stock value received
30,000
Received cash
5,000
0
Voting shares
Assignment Guidelines:
What is Sarah's basis for her stock?
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