Jorge contributed land he held as an investment (fair market value $132,000; basis $57,250) and...
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Accounting
Jorge contributed land he held as an investment (fair market value $132,000; basis $57,250) and inventory (fair market value $108,000; basis $80,750) to ABC Corporation in exchange for 50 percent of the ABC stock (32 shares valued at $163,200) and $76,800 cash in a qualifying 351 exchange. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)
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