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Amil and Rebecca form Hyde Corporation with the following consideration:
Regarding these transactions, provide the following information:
If an amount is zero, enter “0”.
a. Amil’s recognized gain or loss is $.____
b. Amil’s basis in the Hyde Corporation stock is $.____
c. Hyde Corporation’s basis in the installment note is $.____
d. Rebecca’s recognized gain or loss is $.____
e. Rebecca’s basis in the Hyde Corporation stock is $.____
f. Hyde Corporation’s basis in the building is $. Its basis in the land is $.____
g. Would your answers to the preceding questions change if Amil received common stock and Rebecca received nonqualified preferred stock?____(Yes/No)
h. Would your answers change if Rebecca was a partnership instead of an individual?
____(Yes/No), because there ____(is a/is no) requirement that the transferors be individuals.
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