Question: Exercise 18-23 (Algorithmic) (LO. 1, 2) Yvonne and Simon form Ion Corporation. Yonne transfers equipment (basis of $223,600 and fair market value of $335,400). Simon

Exercise 18-23 (Algorithmic) (LO. 1, 2) Yvonne and Simon form Ion Corporation. Yonne transfers equipment (basis of $223,600 and fair market value of $335,400). Simon invests $268,320 of cash. They each receive 100 shares in Ion Corporation, worth $268,320, but Yvonne also receives $67,080 in cash from ton. Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the lon stock. Ion Corporation has a basis of in the equipment. Wonne has a basis of $L for her stock and Simon has a basis of for his stock

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