Question: In the current year, to carry out a Section 3 0 3 Redemption, Falcon Corporation transfers land ( basis of $ 1 0 0 ,

In the current year, to carry out a Section 303 Redemption, Falcon Corporation transfers land (basis of $100,000, fair market value of $400,000) to a shareholder's estate. The estate sells the land six (6) months later for $750,000. As a result of the transfer, Falcon Corporation must recognize a gain of: Group of answer choices $-0-. $300,000. $400,000. $650,000.

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