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Martha and Tom form the MT Corporation, with a transfer of the following properties: ...

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Accounting

Martha and Tom form the MT Corporation, with a transfer of the following properties:

Martha $1,200,000 cash

Tom $800,000 FMV property

$300,000 tax basis

Martha will receive 60% and Tom 40% of the corporate stock.

VARIATION 1: return to original facts (no Karla). Toms property is valued at $1,100,000 but is contributed subject to a $300,000 liability.

VARIATION 2: Same as Variation 1 except Toms property is valued at $1,200,000 and is contributed subject to a liability of $400,000.

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