Question: Exercise 4-23 (Algorithmic) (LO. 1, 2) Yvonne and Simon form Ion Corporation. Yvonne transfers equipment with a basis of $278,200 and fair market value of

Exercise 4-23 (Algorithmic) (LO. 1, 2) Yvonne and Simon form Ion Corporation. Yvonne transfers equipment with a basis of $278,200 and fair market value of $417,300 to Ion Corporation. Simon invests $333,840 of cash. They each receive 100 shares in Ion Corporation worth $333,840, but Yvonne also receives $83,460 in cash from Ion. Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the Ion stock. Ion Corporation has a basis of $ in the equipment. Yvonne has a basis of $ for her stock and Simon has a basis of $ for his stock

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