Andre formed a corporation and owns all of the stock.He contributed property with a FMV of $10,000 and a basis of $7,000 and he received $1,000 cash from the corporation.Andre's taxable gain is:

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The Answer of Andre formed a corporation and owns all of the stock.He contributed property with a FMV of $10,000 and a basis of $7,000 and he received $1,000 cash from the corporation.Andre's taxable gain is:

Andre Formed a Corporation and Owns All of the Stock