Ralph transfers property with an adjusted basis of $65,000 and an FMV of $70,000 to...
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Accounting
Ralph transfers property with an adjusted basis of $65,000 and an FMV of $70,000 to Lake Corporation in a Sec. 351 transaction. Ralph receives stock worth $60,000 and a short-term note having a $10,000 FMV. Ralph's basis in the stock is A) $60,000. B) $70,000. C) $75,000. D) $65,000.
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