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[The following information applies to the questions displayed below.] Ramon incorporated his sole...

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Accounting

[The following information applies to the questions displayed below.]
Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted tax bases:
\table[[,,Adjusted Tax],[,FMV,Basis],[Inventory,$33,750,$11,600
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