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Business, 24.12.2019 20:31 taylorraffle8662

Lynn transfers property (basis of $225,000 and fair market value of $300,000) to condor corporation in exchange for § 1244 stock. the transfer qualifies as a nontaxable exchange under § 351. in the current year, lynn sells the condor stock for $100,000. assume lynn files a joint return with her husband, ricky. with respect to the sale, lynn has:

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Lynn transfers property (basis of $225,000 and fair market value of $300,000) to condor corporation...
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