Question: Susan and Mary jointly owned a building. They purchased the building for $300,000. They transferred the building to the corporation in exchange for all of

Susan and Mary jointly owned a building. They purchased the building for $300,000. They transferred the building to the corporation in exchange for all of the authorized capital stock of This & That, Inc. which was valued at $500,000. The FMV of the building at the time they transferred it to the corporation was $500,000. What amount of taxable gain must Susan and Mary recognize due to this transfer? Question 40Select one: a. $200,000 b. $ 0 c. $300,000 d. $500,000

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