In 2006,Gita Contributed Property with a Basis of $500,000 and a Fair

question 75

Essay

In 2006,Gita 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 2015 for $4,000,000.What is the amount of taxable gain on the transaction?

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