Taxpayer puts in 2000000 of assets fmv into a corporation


Question - Taxpayer puts in $2,000,000 of assets (FMV) into a corporation in exchange for common stock. His basis is 450,000. If this transaction is taxable what is the:

Realized gain/ loss.

Recognized gain/ loss.

Basis in new asset (stock).

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Accounting Basics: Taxpayer puts in 2000000 of assets fmv into a corporation
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