Li contributed $50,000 cash (assume a basis of $50,000) in exchange for 25% of YJL...
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Accounting
Li contributed $50,000 cash (assume a basis of $50,000) in exchange for 25% of YJL Corp.s stock (FMV = $50,000). Assume YJL Corp. is a controlled corporation of Yang, Jane, and Li.
What is Lis basis in YJL Corp. stock?
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