Multiple Choice
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
A) $75,000.
B) $70,000.
C) $65,000.
D) $60,000.
Correct Answer:
Verified
Correct Answer:
Verified
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