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How much income do Ivanka and Jared recognize

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Problem - Ivanka and Jared are divorced in the current year. As part of the divorce settlement, Ivanka transfers a plot of land in Long Island, NY to Jared. Ivanka's basis in the property was $20,000 and the market value of the property was $250,000 when transferred. Jared holds the property through the end of the year and in hopes of building a residence on it. How much income do Ivanka and Jared recognize in the current year?

a. $0 for Ivanka and $20,000 for Jared

b. $230,000 for Ivanka and $20,000 for Jared

c. $230,000 for Ivanka and $0 for Jared

d. $0 for both Ivanka and Jared

e. $0 for Ivanka and $250,000 for Jared

Reference no: EM132705547

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