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Question: a wants to transfer land worth 100 with a 50...

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A wants to transfer land worth $100 with a $50 basis to X for $100 in value.

REQUIRED:

1. How much income will A realize and recognize if A receives $100 cash from X, and what will be X's basis in the land?

2. Does A's income recognition change if X transfers its own stock to A in the exchange (assume the "general rule" applies)?

3. Will the answer change in the stock case if A is the sole shareholder of X; conceptually, why should it change?

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