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How much gain does julie recognize of the transfer

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Julie contributes land with a basis of $150,000 and a FMV of $250,000 in exchange for 100% of the stock of Red Corporation. The land is suject to a liability of $200,000 and is assumed by Red Corporation.

Problem 1: How much gain does Julie recognize of the transfer?

Option 1: $200,000
Option 2: $50,000
Option 3: $100,000
Option 4: $0

Reference no: EM132842429

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