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What gain would jeff bezos have to recognize

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Question - Jeff Bezos, after stepping down from Amazon, forms a new corporation by contributing land with a basis of $150,000 and a fair market value of $2,000,000. The land has an outstanding mortgage loan of $400,000. Prior to the transfer, Jeff Bezos was in dire need of some cash to fund his gambling trip to Las Vegas, so he refinanced the existing mortgage and received $200,000 in cash as a result of the refinance. Code 357(b) is applied. What gain, if any, would Jeff Bezos have to recognize for tax purposes?

Reference no: EM133172183

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