Shull company assumes the 45000 mortgage on the land as, Ask an Expert

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Dave formed Shull Company and transferred land ($100,000 fair market value; $40,000 adjusted basis) and equipment ($50,000 fair market value; $10,000 adjusted basis) in exchange for 100 shares of stock. Shull Company assumes the $45,000 mortgage on the land as part of the transfer. What is Dave's recognized gain? What is his basis in the stock?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9439916

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