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Ralph transfers property with an adjusted basis of $65,000 and an FMV of $70,000 to Lake Corporation in a Sec. 351 transaction. Ralph receives stock worth $60,000 and a short-term note having a $10,000 FMV. Ralph's basis in the stock is
Semicircular Canal
One of three looped structures in the inner ear that are responsible for maintaining balance by detecting head rotation.
Nerve Endings
The terminations of nerve fibers that are responsible for sensing stimuli from the environment or within the body.
Hair Cells
Sensory cells located in the inner ear, responsible for converting sound vibrations into electrical signals for hearing.
External Acoustic Meatus
The external opening of the ear canal, which runs from the outer ear to the eardrum.
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