Carla transfers land with a fmv of 100000 basis of 20000

Reference no: EM13598893

Carla transfers land with a FMV of $100,000, basis of $20,000, to a corporation in exchange for 50% of the corporation's stock. The land is subject to a $50,000 liability, which the corporation assumes. What amount of gain must Carla recognize as a result of this transaction?

Reference no: EM13598893

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