A Transfers Property to Corp. Y: Basis $50,000 ; FMV $100,000

Subject to Mortgage - $40,000 In Exchange 100% of Stock 100 Shares Y Assumes Mortgage:

As realized gain is $________________

As recognized gain is $________________

Give Code Section for Part b ________________

Stock basis to Part a. $________________

Give general Code Section and specific subsections for Part d ________________ and ________________

If the purpose for the mortgage in 15 above was to finance As education

As realized gain is $________________

As recognized gain is $________________

Code Section for b is ________________

Same as above, but mortgage is $65,000.

As realized gain is $________________

As recognized gain is $________________

Code Section for b is ________________

As stock basis is $________________