Question: The following table will be used to answer this question. The liabilities assumed where assumed by a corporation in a 351 exchange with the transferor
The following table will be used to answer this question.
The liabilities assumed where assumed by a corporation in a 351 exchange with the transferor who acquired stock for his property.
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| Business Purpose I | Business Purpose II | No Business Purpose |
| FMV of stock received | $170,000 | $60,000 | $30,000 |
| Liabilities Assumed | $200,000 | $540,000 | $120,000 |
| Amount Realized | $370,000 | $600,000 | $150,000 |
| Basis of Property Transferred | $300,000 | $400,000 | $100,000 |
| Gain/Loss Realized | $70,000 | $200,000 | $50,000 |
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For Business Purpose II what is the shareholders basis and the Corporation basis?
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