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What is Olivia recognized gain

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Problem - Noah and Olivia form the Gray corporation with the following investments.

FMV

Noah-Cash $180,000

Olivia-Property (basis of $140,000) 200,000

Each receives 1,000 shares of Gray stock, but Olivia also receives cash of $20,000. (Each share of stock is worth $180.)

Required -

a. What is Olivia's recognized gain?

b. Her basis in the Gray stock?

c. What is Gray's basis in the property?

Reference no: EM132673386

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