Question: for this Question 27 3 pts A shareholder's basis in stock received in a Sec. 351 transaction is increased by the gain recognized by the

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Question 27 3 pts A shareholder's basis in stock received in a Sec. 351 transaction is increased by the gain recognized by the corporation. decreased by the gain recognized by the transferor. decreased by liabilities assumed by the corporation. O increased by the FMV of boot received from the corporation. Question 28 3 pts Jeremy transfers Sec. 351 property acquired three years earlier having a $100,000 basis and a $160,000 FMV to Jeneva Corporation. Jeremy receives all 200 shares of Jeneva stock having a $140,000 FMV, and a $20,000 90-day Jeneva note. What is Jeremy's recognized gain? O $0 $60,000 $20,000 $160,000

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