A Transfers Property to Corp. Y: Basis $50,000 ; FMV $100,000

Subject to Mortgage - $40,000 In Exchange 100% of Stock 100 Shares Y Assumes Mortgage:

A’s realized gain is $________________

A’s recognized gain is $________________

Give Code Section for Part b §________________

Stock basis to Part a. $________________

Give general Code Section and specific subsections for Part d §________________ and §________________

If the purpose of the mortgage in 15 above was to finance A’s education:

A’s realized gain is $________________

A’s recognized gain is $________________

Code Section for b is §________________

Same as above, but a mortgage is $65,000.

A’s realized gain is $________________

A’s recognized gain is $________________

Code Section for b is §________________

A’s stock basis is $________________

Answer rating: 100% (QA)

As realized gain is 50000 As recognized gain is 10000 Code Section for b is 1031 Stock basis to ... View the full answer