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Problem - Gearty and Olinto organized The Worthington Corp., which issued voting common stock with a fair market value of $240,000. They each transferred property in exchange for stock as follows:
Property
Adjusted Basis
Fair Market Value
Percentage of The Worthington Corp. Stock Acquired
Gearty
Building
$80,000
$164,000
60%
Olinto
Land
10,000
96,000
40%
Required - The building was subject to a $20,000 mortgage that was assumed by The Worthington Corp. What amount of gain did Gearty recognize on the exchange?
a. $0
b. $20,000
c. $84,000
d. $104,000
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