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What is Annalisa stock basis

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Question - Annalisa transfers investment land to a corporation as part of a Section 351 transaction. The land has a fair market value of $75,000 and an adjusted basis to Annalisa of $30,000. In addition, the property is encumbered by a mortgage (with a valid business purpose) of $40,000 that the corporation assumes. In exchange for the land, the corporation issues stock to Annalisa worth $35,000. How much gain does Annalisa recognize, what is Annalisa's stock basis, and what is the basis of the land to the corporation, respectively?

Reference no: EM133125547

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