QUESTION 15 In a Section 351 transaction, Alex transfers property to his corporation. His basis...
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QUESTION 15 In a Section 351 transaction, Alex transfers property to his corporation. His basis in the property was $20,000 and he received $46,000 in stock and $4,000 in cash (boot). How much gain will he recognize? Zero. $4,000. $26,000. 0 $30,000 QUESTION 16 In Question 15, above, what will Alex's basis be in his stock? Zero. O $4,000. $20,000. $46,000. QUESTION 17 In Question 15. above, what basis will the corporation have in the property? $20,000. $24,000. $46,000. $50,000
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