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How much of her gain does she have to recognize

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Question - Anne owns 100% of the stock of Anne's Cookies, Inc. Anne sells a building worth $100,000 to the corporation having a basis of $60,000. How much of her gain does she have to recognize and what is the character of that gain?

$0 gain because Anne controls the corporation and the corporation takes a carryover basis in the building.

$40,000 CG/1231 gain and the corporation now has a $100,000 basis in the building

$40,000 ordinary income and the corporation takes a carryover basis.

$40,000 ordinary income and the corporation now has a $100,000 basis.

Reference no: EM132865902

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