Sophia forms giant corporation by contributing equipment, Financial Management

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Sophia forms giant corporation by contributing equipment

Sophia forms Giant corporation by contributing equipment, which has a basis of $50,000 and an FMV of $80,000 in exchange for Giant stock. Sophia also contributes $5,000 in cash. If the transaction meets the Sec. 351 control and ownership tests, what are the tax consequences to Sophia?

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Financial Management: Sophia forms giant corporation by contributing equipment

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Financial Management: Sophia forms giant corporation by contributing equipment

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