George transferred property ($860,400FMV; $728,200A/B) to Wa…
George transferred property ($860,400FMV; $728,200A/B) to Washington Inc. in exchange for 8,600 shares of Washington stock. Immediately after the exchange, Washington had a total of 12,000 shares of stock outstanding. What is George’s realized and recognized gain on the exchange and basis in the 8,600 Washington shares?
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