Dick- a cash basis taxpayer- incorporates his sole proprietorship- He.docx

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Dick, a cash basis taxpayer, incorporates his sole proprietorship. He transferred the following itmes to newly created Orange corporation. (a) Calaculate realized and recognized gain by Dick (b) Calculate Dick's basis in stock Calculate Orang's basis in assets received from Dick. Excusive of capital Transactions, X corporation had 160.000 taxable income Its capital gains and losses are as follows .

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