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In 2006, Gitta contributed property with a basis of $500,000 and a fair market value of $3,000,000 to a qualified small business corporation for all of its common stock. She sells the stock in 2013 for 4,000,000. What is the amount of taxable gain on the transaction?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948064

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