Question: Section 351 Section 351 Problem Give the tax affects to both the shareholder and corporation, including any gains/losses and the basis of both the shareholders

Section 351

Section 351 Section 351 Problem Give the tax affects to both the

Section 351 Problem Give the tax affects to both the shareholder and corporation, including any gains/losses and the basis of both the shareholders in their stock and the corporation in the assets. Shareholder 2 gave a book binding equipment FMV $110,000, basis 30,000 and received $10,000 in cash plus 20% ownership/shares

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