A shareholder receives appreciated noncash property from his corporation and assumes a liability attached to the property.

Question:

A shareholder receives appreciated noncash property from his and assumes a liability attached to the property. How does this assumption affect the amount of gain the recognizes? From the corporation's perspective, does it matter if the liability assumed by the shareholder exceeds the property's gross fair market value?
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...