Question: In a Sec. 3 5 1 exchange, Tomy transferred property with an adjusted basis of $ 1 4 5 , 9 8 0 and a

In a Sec. 351 exchange, Tomy transferred property with an adjusted basis of $145,980 and a fair market value (FMV) of $163,000 to a recently established corporation. In return, Charlie received stock valued at $103,000 and a short-term note with an FMV of $45,000
A - Based on the information provided, what is Charlie's realized gain?
B - Based on the information provided, what is Charlie's recognized gain?

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