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November 23, 2014

Homework Help: tax

Posted by Andy on Thursday, May 10, 2012 at 4:03pm.

Andre formed a corporation and owns all of the stock. He contributed property with a FMV of $10,000 and a basis of $7,000 and he received $1,000 cash from the corporation. Andre's taxable gain is:
$0
$1,000
$3,000
$10,000



is it 3000

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