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Business, 15.07.2020 02:01 mandyO1

Kirby and Helen form Red Corporation. Kirby transfers property, basis of $20,000 and value of $300,000, for 100 shares in Red Corporation. Helen transfers property, basis of $40,000 and value of $280,000, and provides legal services in organizing the corporation. The value of her services is $20,000. In return Helen receives 100 shares in Red Corporation. Regarding these transfers:

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Kirby and Helen form Red Corporation. Kirby transfers property, basis of $20,000 and value of $300,0...
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