Mars corporation merges into jupiter corporation by, Accounting Basics

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Mars corporation merges into jupiter corporation by

Problem

Mars Corporation merges into Jupiter Corporation by exchanging all of its assets for 300,000 shares of Jupiter stock valued at $2 per share and $100,000 cash. Wanda, the sole shareholder of Mars, surrenders her Mars stock (basis $900,000) and receives all of the Jupiter stock transferred to Mars plus the $100,000. How does Wanda treat this transaction on her tax return?

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Accounting Basics: Mars corporation merges into jupiter corporation by

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