Illustrate what is the amount of gain realized by mr young

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Mr. Young transferred property subject to a $15,000 liability to XYZ Corporation in exchange for 90% of the corporation’s outstanding stock. Young’s adjusted basis in the property transferred was $20,000. The fair market value of the stock was $50,000.

What is the amount of gain realized by Mr. Young? By XYZ Corporation?

Reference no: EM13128964

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