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Tom owned all of the outstanding stock of NEWCO3 Corporation. Tom transferred a building, cash, and publicly traded stock to NEWCO3 Corporation. The adjusted basis and the fair market value of the assets transferred to NEWCO3 Corporation, and the amount remaining on the mortgage on the building transferred, were as follows:

Basis Value Amount

Building $20,000 $55,000
Mortgage on building $45,000
Cash $5,000 $5,000
Publicly traded stock $15,000 $12,000

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