Question: 2. In a Section 351 transaction, Ed transfers property to his corporation. His basis in the property was $9,000 and he received $7,000 in stock

2. In a Section 351 transaction, Ed transfers property to his corporation. His basis in the property was $9,000 and he received $7,000 in stock and $3,000 in cash (boot). (a) How much gain will he recognize? (b) What is Ed's basis in the stock he received? (c) What is the corporation's basis in the property received from Ed

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