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Sandy transfers land worth $500,000, basis of $100,000, to a newly formed corporation, Dolphin Corporation, for all of Dolphin's stock, worth $300,000, and a 10-year note. The note was executed by Dolphin and made payable to Sandy in the amount of $200,000. As a result of the transfer:A. Dolphin co-operation has a basis of $ 100,000 in the landB. Sandy recognized gain of $ 400,000
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Sandy transfers land worth $500,000, basis of $100,000, to a newly formed corporation, Dolphin Corpo...
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