Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $257,200 and fair market value of $385,800). Simon invests $308,640 of cash. They each receive 100 shares in Ion Corporation, worth $308,640, but Yvonne also receives $77,160 in cash from Ion. Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the Ion stock.
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Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $257,200 and fair market...
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