Krissy Kraus and Manny Martin form K&M Corp. Krissy transfers land with an adjusted basis...
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Krissy Kraus and Manny Martin form K&M Corp. Krissy transfers land with an adjusted basis of $12,000 for stock worth $15,000 and $5,000 cash. Manny transfers a backhoe with an adjusted basis of $30,000 for stock worth $11,000 and $7,000 cash. What is Krissys realized gain/loss? Will she recognize any of that gain/loss? What is Mannys realized gain/loss? Will he recognize any of that loss?
Billy Barker, a married taxpayer, has basis in IRC 1244 stock of $110,000 when it becomes worthless. What is his gain or loss? How much is ordinary? How much is capital?
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