in a 351 transaction, Nichole transfers property with a value of $100,000 (adjusted basis $80,000) to XYZ

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in a 351 transaction, Nichole transfers property with a value of $100,000 (adjusted basis $80,000) to XYZ corp for stock worth $50,000 XYZ assumes the $50,000 mortgage against the property what is the recognized gain or loss on the transfer?

a). $50,000 loss

b). $0 gain or loss

c). $20,000 gain

d). $30,000 loss

Related Book For answer-question

South Western Federal Taxation 2015 Essentials of Taxation Individuals and Business Entities

ISBN: 9781285438290

18th edition

Authors: James Smith, William Raabe, David Maloney, James Young

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Posted Date: Oct 23, 2020 08:22 PM

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in a 351 transaction, Nichole transfers property with a value of $100,000 (adjusted basis $80,000) to XYZ

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Aussem Abner transfers land with a fair market value of ... View the full answer

South Western Federal Taxation 2015 Essentials of Taxation Individuals and Business Entities

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