G is a cash basis consultant.His balance sheet at the end of the year shows...
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Accounting
G is a cash basis consultant.His balance sheet at the end of the year shows receivables of $100 and accounts payable for utilities of $30.
What is Gs basis in the receivables?
If G transfers the receivables to a new corporation in exchange for 100% of the stock and the corporation assumes the liabilities is G taxed on the transfer?
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