John Quincy transferred property ($860,400FMV; $728,200A/B) to Adams Inc. in exchange for 8,600 shares of Adams stock.

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John Quincy transferred property ($860,400FMV; $728,200A/B) to Adams Inc. in exchange for 8,600 shares of Adams stock. Immediately after the exchange, Monroe had a total of 12,000 shares of stock outstanding. What is John Quincy's realized and recognized gain on the exchange and basis in the 8,600 Adams shares

Posted Date: May 18, 2024 08:08 AM

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John Quincy transferred property ($860,400FMV; $728,200A/B) to Adams Inc. in exchange for 8,600 shares of Adams stock.

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