Business, 07.03.2020 04:59, kaitlynmoore42
Art, an unmarried individual, transfers property (basis of $130,000 and fair market value of $120,000) to Condor Corporation in exchange for §1244 stock. The transfer qualifies as a nontaxable exchange under § 351. Because the property is loss property, Condor takes a basis in the property of $120,000. Five years later, Art sells the Condor stock for $50,000. With respect to the sale, Art has:
a. An ordinary loss of $80,000.
b. An ordinary loss of $70,000 and a capital loss of $10,000.
c. A capital loss of $80,000.
d. A capital loss of $30,000 and an ordinary loss of $50,000.
e. None of the above.
Answers: 2
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Art, an unmarried individual, transfers property (basis of $130,000 and fair market value of $120,00...
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