AB Individual I (T) transferred two capital assets (CA 1 and CA2) to X Corporation...
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AB Individual I (T) transferred two capital assets (CA 1 and CA2) to X Corporation (X) in a transaction that qualified for IRC Section 351: FMV Capital Asset #1 (CAI) $100,000 $80,000 Capital Asset #2 (CA2) $ 50,000 $77,000 I also transferred a liability, with a legitimate business purpose, in the amount of $20,000, which X assumed. I received only X stock in the transaction. i What income, gain or loss, if any, does I recognize in the transaction? i. What is I's adjusted basis in the X stock received in the transaction? iii. What is X' adjusted basis in CA2
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