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Grady exchanges qualified property, basis of $20,667 and fair market value of $24,800, for 60% of the stock of Eadie Corporation. The other 40% of the stock is owned by Pedro, who acquired it five years
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Grady exchanges qualified property, basis of $20,667 and fair market value of $24,800, for 60% of the stock of Eadie Corporation. The other 40% of the stock is owned by Pedro, who acquired it five years ago.

User Rutrus
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1 Answer

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Answer:

Built in gain is $4,133

Step-by-step explanation:

FMV of property $24,800

Grady's tax basis in his property $20,667

User SUPARNA SOMAN
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