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What is quinn recognized gain for tax purposes

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Reference no: EM133025198

Problem - Quinn owns stock in Target. Target is taken over by Acquiring in a tax-free reorganization. Acquiring gave Target its shares and property worth $5,000. Quinn's basis in his stock was $25,000. Quinn received the $5,000 in property and $32,000 of Acquiring stock.

What is Quinn's realized gain?

What is Quinn's recognized gain for tax purposes?

What is Quinn's basis in the shares of Acquired?

Reference no: EM133025198

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