When incorporating CCS, Nicole transferred a parcel of land (held as an investment for five...
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Accounting
When incorporating CCS, Nicole transferred a parcel of land (held as an investment for five years) to CCS in exchange for 50 percent of the corporations stock (50 shares valued at $50,000). The lands fair market value was $50,000, and its tax basis to Nicole was $40,000. Assuming the transfer qualifies under 351, what gain or loss does Nicole recognize on the transfer?
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