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What is edwards recognized gain on this transaction

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Question - Joyce and Edward combine their sole proprietorships by forming the Lair Corporation. Joyce transfers land and a building having a combined $50,000 adjusted basis and a $100,000 FMV to the corporation in exchange for 40% of the Lair Corporation stock. Edward transfers equipment with a $60,000 adjusted basis and a $150,000 FMV to the corporation in exchange for 60% of the Lair stock with a par value of $10. Joyce and Edward received no other property then the Lair stock. What is Edward's recognized gain on this transaction?

A. $60,000.

B. $90,000.

C. $ -0 -.

d. $150,000.

Reference no: EM132558300

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