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Problem 1: Packard Corporation transferred its 100 percent interest to State Company as part of a complete liquidation of the company. In the exchange, Packard received land with a fair market value of $347,500. Packard's basis in the State stock was $792,500. The land had a basis to State Company of $550,000. What amount of loss does State recognize in the exchange and what is Packard's basis in the land it receives?
Option 1: No loss recognized by State and a basis in the land of $347,500 to Packard. Option 2: Incorrect Option 3: $202,500 loss recognized by State and a basis in the land of $550,000 to Packard. Option 4: $202,500 loss recognized by State and a basis in the land of $347,500 to Packard. Option 5: No loss recognized by State and a basis in the land of $550,000 to Packard.
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