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What is the basis of Ruth stock in RBG Corporation

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Question - Formation of a Corporation - In 2021, Ruth transfers the following property for an 80% interest in RGB corporation (1,000 shares):  Land with a FMV of $100,000 and an adjusted basis of $20,000. The land had a $40,000 mortgage which was assumed by the corporation.

1. Does Ruth recognize gain, loss, or income from the transfer of the assets to RGB Corporation?

2. What is the basis of Ruth's stock in RBG Corporation?

3. What basis does RBG Corp have in the land?

Reference no: EM133013795

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