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Jason transfers a machine with a basis to him of $45,000 and a FMV of...

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Accounting

Jason transfers a machine with a basis to him of $45,000 and a FMV of $35,000 to a new corporation in a transaction that qualifies for Section 351. In exchange for the machine, Jason receives 30 shares of stock and $5,000 cash. What is the corporations basis for the machine it received? What is Jason's basis for the stock he received?

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