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Alan and Zach want to set up a Corporation. Alan will be contributing a house...

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Accounting

Alan and Zach want to set up a Corporation. Alan will be contributing a house worth $250,000 which he originally purchased for $50,000 in exchange for 50% of the stock of the company. Zach will be contributing $100,000 of construction supplies and $25,000 of cash for 50% of the stock of the company. Discuss the tax impact of setting up the Corporation for Alan and Zach.

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