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Rena transfers property with an adjusted basis of $50,000 (fair market value of $400,000) to...

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Accounting

Rena transfers property with an adjusted basis of $50,000 (fair market value of $400,000) to Swift Corporation for 90% of the stock. The property is subject to a liability of $60,000, which Swift assumes. What is the basis of the Swift stock to Rena? a. $0. b. $50,000 c. $60,000. d. $400,000. e. None of the choices are correct.

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