Ben and john formed bcd inc a corporation in 2011 ben

Reference no: EM13593820

Ben and John formed BCD Inc., a corporation, in 2011. Ben received 80% of the voting common stock, the only class of stock and John received the remaining 20% of the stock. In 2012, Ben transferred additional property to BCD Inc. The property had an adjusted basis to Ben of $40,000 and a fair market value of $50,000 on the date of the transfer. On the same day, and in exchange for the property he transferred to BCD Inc., Ben received cash of $15,000 and additional stock worth $35,000. How much gain was recognized by Ben as a result of this transaction?

Reference no: EM13593820

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