Andies Inc owns all of the stock of Theatre Corp , the only asset of which is acreage that had been used as one of the last surviving drive in theatres, with an adjusted basis of $60,000 and FMV of $150,000 Andies basis in the Theatre stock is $50,000 Yancy Corp wants to obtain the land so Theatre exchanges the land for Yancy voting stock work $130,000 and then liquidates The voting stock had been treasury stock that Yancy had bought in the market for $100,000 Yancy also transfers $1,000 cash in addition to the voting stock How much gain will Theatre Corp recognize from this exchange Explain your response

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Andies Inc  owns all of the stock of Theatre Corp , the only asset of which is acreage that had been used as one of the last surviving drive in theatres, with an adjusted basis of $60,000 and FMV of $150,000  Andies basis in the Theatre stock is $50,000  Yancy Corp wants to obtain the land so Theatre exchanges the land for Yancy voting stock work $130,000 and then liquidates  The voting stock had been treasury stock that Yancy had bought in the market for $100,000  Yancy also transfers $1,000 cash in addition to the voting stock  How much gain will Theatre Corp  recognize from this exchange  Explain your response

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Andies Inc. owns all of the stock of Theatre Corp., the only asset of which is acreage that had been used as one of the

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