Amber transfers property worth $300,000 (basis of $290,000) to X Corporation for 80% of the stock in X Corporation (FMV of $280,000). X also executes a long-term note (FMV of $20,000) made payable to Amber. What are the tax consequences of this transfer to Amber?

Answer rating: 100% (QA)

In case of boot received cash or note the gain will ... View the full answer