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What amount of gain Carl recognize as result of transaction

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Problem - Carl transfers land with a fair market value of $120,000 and basis of $30,000, to a new corporation in exchange for 85 percent of the corporation's stock. The land is subject to a $45,000 liability, which the corporation assumes. What amount of gain must Carl recognize as a result of this transaction?

a. $0

b. $15,000

c. $30,000

d. $45,000

e. None of the above

Reference no: EM132702852

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