What amount of gain does recognize in the exchange, Accounting Standards

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What amount of gain does recognize in the exchange

Response to the following problem:

Jamie transferred 100% of his stock in Fox Company to Otter Corporation in a Type A merger. In exchange he received stock in Otter with at fair market value of $400,000 plus $600,000 in cash. Jamies tax basis in the Fox stock was $600,000.

What amount of gain does Jamie recognize in the exchange and what is his basis in the Otter stock he receives?

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Accounting Standards: What amount of gain does recognize in the exchange

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Accounting Standards: What amount of gain does recognize in the exchange

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