Andre Formed a Corporation and Owns All of the Stock

question 85

Multiple Choice

Andre formed a corporation and owns all of the stock. He contributed property with a FMV of $10,000 and a basis of $7,000 and he received $1,000 cash from the corporation. Andre's taxable gain is:

• A) $0.
• B) $1,000.
• C) $3,000.
• D)$10,000.

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Definitions:

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