Question: VARIATION 1: Return to original facts (same basis). Todd's property is valued at $1,400,000 but is contributed subject to a $200,000 liability. (This means that

VARIATION 1: Return to original facts (same basis). Todd's property is valued at $1,400,000 but is contributed subject to a $200,000 liability. (This means that Todd still contributes equity of $1,200,000 so it is still a 50/50 split of ownership. Complete the following Mary Todd Realized gain ________ ________ Recognized gain ________ _________ Basis of MT stock _________ _________ MT basis in contributed asset __________ _________

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