Newly formed corporation-recognized gain


Henry transfers property with an adjusted basis of $90,000 and a FMV of $100,000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $80,000 and a short-term note with a $20,000 FMV. Henry's recognized gain is ??

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Accounting Basics: Newly formed corporation-recognized gain
Reference No:- TGS086015

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