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Transfer of Property Assignment

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February 18th, 2020

Lynn transfers property (basis of $225,000 and fair market value of $300,000) to Condor Corporation in exchange for § 1244 stock. The transfer qualifies as a nontaxable exchange under § 351. In the current year, Lynn sells the Condor stock for $100,000. Assume Lynn files a joint return with her husband, Ricky. With respect to the sale, Lynn has:

a. A capital loss of $125,000.

b. An ordinary loss of $100,000 and a capital loss of $100,000.

c. An ordinary loss of $125,000.

d. An ordinary loss of $100,000 and a capital loss of $25,000.

e. None of these choices are correct.Get Finance homework help today

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