Grace and Bill form a corporation with each shareholder rece…
Grace and Bill form a corporation with each shareholder receiving 50 percent of the stock. Bill transfers property and services, whereas Grace transfers property only. The fair market value of Grace’s contributed property is $70,000 and her adjusted basis is $0. What is the least (i.e., minimum) amount of property that Bill must contribute for Grace to defer recognition of her realized gain under § 351?
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