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Unformatted text preview: (adjusted basis $20,000) for 40 shares. Required :  Does Sec. 351 apply to this corporate formation?  What is MLC’s initial balance sheet if Sec. 351 applies?  What gain (loss) is recognized by each shareholder and what are their bases in the MLC stock?...
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This note was uploaded on 09/09/2011 for the course TAX 6845 taught by Professor Kelliher,c during the Fall '08 term at University of Central Florida.
- Fall '08