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Federal Tax II

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Perry organized Cardinal Corporation 10 years ago by contributing property worth $2 million, basis of $450,000 for 2,500 shares of stock in Cardinal, representing 100% of the stock in the corporation. Perry later gave each of his children, Brittany and Julie, 750 shares of stock in Cardinal Corporation. In the current year, Perry transfers property worth $600,000 basis of $150,000, to Cardinal for 1,000 shares in the corporation. What gain, if any, will Perry recognize on the transfer?

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