QUESTION 11 In a Section 351 transaction, Pete transfers property worth $20,000 in which his...
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QUESTION 11 In a Section 351 transaction, Pete transfers property worth $20,000 in which his basis was $25,000 and he received stock in his corporation worth $19,000. He also receives $1,000 of cash (boot). How much loss will he recognize, if any? Zero. $1,000. $5,000. $6,000. QUESTION 12 In Question 11, above, what basis will the corporation have in the property? $20,000. $21,000. $24,000. $25,000
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