Essay
The stock of Eagle,Inc.is owned as follows: Tom 23% Tom's uncle 22% Tom's daughter 7% Tom's sister 15% Tom's spouse 15% Tom's nephew 8% Tom's CPA,unrelated 10% Tom sells land and a building to Eagle,Inc.for $212,000.His adjusted basis for these assets is $225,000.Calculate Tom's realized and recognized loss associated with the sale.
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Tom's realized loss is $13,000.
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