Question: From your Readings in IRS Pub 5 4 2 answer the following question: You and Sidd Jones buy property for $ 2 0 0 ,

From your Readings in IRS Pub 542 answer the following question: You and Sidd Jones buy property for $200,000. You both organize a corporation when the property has a fair market value of $350,000. You transfer the property to the corporation for all its authorized capital stock, which has a par value of $350,000. Pick the correct statement based on these facts:

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