Mr. Sweet transferred cash of $150,000 and machinery with an FMV of $75,000 and an...
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Accounting
Mr. Sweet transferred cash of $150,000 and machinery with an FMV of $75,000 and an adjusted basis of $50,000 in exchange for 97% of Met's Corporaton's outstanding stock. Mr. Sweet's basis in his stock and Met's basis inthe machinery are
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