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QUESTION
Person owns 100% of the stock of Widget Inc. He transfers a manufacturing plant worth $100,000 with a basis of $50,000 to Widget Inc. in exchange for...
Person owns 100% of the stock of Widget Inc. He transfers a manufacturing plant worth $100,000 with a basis of $50,000 to Widget Inc. in exchange for stock worth $70,000 and $30,000 in cash. Frank recognizes gain in what amount?
