Wilbur transfers property valued at $100,000 (basis = $70,000) to the Debold Corporation in exchange for 100

Question:

Wilbur transfers property valued at $100,000 (basis = $70,000) to the Debold in exchange for 100 percent of its stock.
a. What is Wilbur's realized gain or loss on the transfer and his recognized gain or loss?
b. What is his basis in the stock received?
c. What is the corporation's basis in the property transferred?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...