10:38 Chapter 18 Homework Assignment Qu... 1. Martin transfers real estate with an adjusted basis of $260,000 and fair market value of $350,000 to a newly formed corporation in exchange for 100% of the stock. The corporation assumes the liability on the transferred real estate in the amount of $300,000. Determine Martin's recognized gain on the transfer and the basis for his stock 2. Allie forms Broadbill Corporation by transferring land (basis of $123,000, fair market value of $775,000), which is subject to a mortgage of S375,000. One month prior to incorporating Broadbill, Allie borrows $100,000 for personal reasons and gives the lender a second mortgage on the land. Broadbil Corporation issues stock worth $300,000 to Allie and assumes the mortgages on the land. a. What are the tax consequences to Allie and to Broadbill Corporation? b. How would the tax consequences to Allie differ if she had not borrowed the $100,000? Dashboard Calendar To Do nbox 10:38 LTE