Travis transfers land with a fair market value of $125,000 and basis of $25,000, to a corporation
Question:
Travis transfers land with a fair market value of $125,000 and basis of $25,000, to a corporation in exchange for 100 percent of the corporation’s stock. What amount of gain must Travis recognize as a result of this transaction?
a. $0
d. $125,000
b. $25,000
e. None of the above
c. $100,000
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Related Book For 
Income Tax Fundamentals Whittenburg Gill 2020
ISBN: 9780357107065
1st Edition
Authors: Whittenburg/Altus Buller/Gill
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