As part of a Type A reorganization, Hall Corp. transferred property with a value of $15 million
Question:
As part of a Type A reorganization, Hall Corp. transferred property with a value of
$15 million and a basis of $8 million, in exchange for $13 million worth of stock in Gates Corp. and $2 million worth of two year Gates Corp. notes. Hall immediately distributed the Gates stock and Gates notes to its shareholders pursuant to the plan of reorganization. How much income must Hall Corp. recognize as a result of its distribution of the Gates stock and Gates notes to its shareholders?
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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