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
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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:

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Gain on Exchange = Fair market value of T corporation - Baisi of F... View the full answer

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