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How much income does jack recognize on the transaction

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Problem 1: Jack contributes the following to ABC corporation in a §351 exchange: (1) real property with a basis of 400,000 and a fair market value of $800,000, with a $200,000 mortgage attached to it and (2) a personal loan for $20,000. How much income does Jack recognize on the transaction?

A. $0

B. $20,000

C. $220,000

D. $400,000

Reference no: EM132733231

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