Robert and Kelly invited Ben to join them in forming Aero, a plane-chartering company, as...
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Robert and Kelly invited Ben to join them in forming Aero, a plane-chartering company, as a corporation. Ben did not want to join at the time and declined their invitation. More than a year later, Ben changed his mind and transferred appreciated property to Aero in exchange for 45 percent of Aero stock. Is Ben required to recognize his realized gain on the transaction?
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