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QUESTION
Art, an unmarried individual, transfers property (basis of $130,000 and fair market value of $120,000) to Condor Corporation in exchange for Sec....
Art, an unmarried individual, transfers property (basis of $130,000 and fair market value of $120,000) to Condor Corporation in exchange for Sec. 1244 stock. The transfer qualifies as a nontaxable exchange under Sec. 351. Five years later, Art sells the condor stock for $50,000. With the respect to the sale, Art has:
