Benny sells property basis of 70 000 to Jet Corporation for
Benny sells property (basis of $70,000) to Jet Corporation for $100,000. Based on the following conditions, how could the IRS challenge this transaction?
a. Benny is the sole shareholder of Jet Corporation.
b. Benny is the son of the sole shareholder of Jet Corporation.
c. Benny is neither a shareholder in Jet Corporation nor related to any of Jet’s shareholders.
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