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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
22.  LO.2 Martin transfers real estate with an adjusted basis of $260,000 and fair market value of $350,000 to a newly formed corporation in exchange for 100%  of
the stock. The corporation assumes the liability on the transferred real estate in the amount of $300,000. Determine Martin’s recognized gain on the transfer and the basis for his  stock.
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