Kyung formed a corporation and owns all of the stock. He contributed property with a FMV of $90,000 and a basis of $85,000, and he received $15,000 cash from the corporation. Kyung's basis in his stock is: $85,000. $70,000. $75,000. $90,000.

Kyung formed a corporation and owns all of the stock. He contributed property with a FMV of $90,000 and a basis of $85,000, and he received $15,000 cash from the corporation. Kyung's basis in his stock is: $85,000. $70,000. $75,000. $90,000.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 28CE

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