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Lena contributes land used in business and held for more than one year (basis = $10,000 and value = $20,000) and inventory (basis = $40,000 and value = $70,000) to a corporation in exchange for shares of stock with a value of $70,000 and cash of $20,000 in a qualifying $351 transaction. Lena will recognize ______.

User Ganpaan
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Answer:

Step-by-step explanation:

subtract the 5 and add 4

User Rkj
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