Ray owns 400 shares of stock in of Fisher Corporation. He had inherited 300 shares (estate tax
Question:
Ray owns 400 shares of stock in of Fisher Corporation. He had inherited 300 shares (estate tax value \(\$ 15,000\) ) seven months ago and had purchased 100 shares for \(\$ 2,000\) five months ago. Fisher completely liquidates, and Ray receives a building worth \(\$ 50,000\), that is subject to a mortgage of \(\$ 38,000\), in cancellation of his 400 shares.
a. What gain and/or loss does Ray recognize?
b. What is his basis in the building?
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Related Book For 
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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