2. BOB TRANSFERS PROPERTY WITH AN ADJUSTED BASIS OF $50,000, FMV OF $400,001 TO JONES...
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Accounting
2. BOB TRANSFERS PROPERTY WITH AN ADJUSTED BASIS OF $50,000, FMV OF $400,001
TO JONES CORPORATION FOR 90% OF THE STOCK. THE PROPERTY IS SUBJECT TO A LIABILITY OF $60,000, WHICH JONES ASSUMES.
- WHAT IS THE BASIS OF THE JONES STOCK TO BOB?
- WHAT IS THE BASIS OF THE PROPERTY TO JONES CORPORATION?
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