Solved: Mary able exchanged 1000 shares of franklin corporation, Accounting Basics

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Mary able exchanged 1000 shares of franklin corporation

Question - Pursuant to a plan of corporate reorganization adopted in 2015 and described in IRC §368(a)(1)(B), Mary Able exchanged 1000 shares of Franklin Corporation Common Stock which she had purchased for $75,000 for 1,800 shares of Tower Corporation Common Stock having a Fair Market Value of $86,000. As a result of this exchange:

How much gain or loss would Mary Able recognize?

What would Mary's basis in Tower Corporation Stock be?

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Accounting Basics: Mary able exchanged 1000 shares of franklin corporation

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Accounting Basics: Mary able exchanged 1000 shares of franklin corporation

Reference No:- TGS02831136

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