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QUESTION
Marcus and Frank form Tiger Corporation.
Marcus and Frank form Tiger Corporation. Marcus transfers property (basis of $175,000 and fair market value of $100,000), and Frank transfers land (basis of $50,000 and fair market value of $90,000) and $10,000 in cash. Each receives 50% of Tiger Corporation's stock, which is worth a total of $200,000. What happens as a result of these transfers?
