[Solved] AndiesInc.ownsallofthestockofTheatreCorp.

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AndiesInc.ownsallofthestockofTheatreCorp.,theonlyassetofwhichis acreagethathadbeenusedasoneofthelastsurvivingdrive-intheatres,with anadjustedbasisof$60,000andFMVof$150,000.Andies' basisinthe Theatrestockis$50,000.YancyCorpwantstoobtainthelandsoTheatre exchangesthelandforYancyvotingstockwork$130,000andthen liquidates.ThevotingstockhadbeentreasurystockthatYancyhadbought inthemarketfor$100,000.Yancyalsotransfers$1,000cashinadditionto thevotingstock.HowmuchgainwillTheatreCorp.recognizefromthis exchange?

AndiesInc.ownsallofthestockofTheatreCorp.,theonlyassetofwhichis

acreagethathadbeenusedasoneofthelastsurvivingdrive-intheatres,with

anadjustedbasisof$60,000andFMVof$150,000.Andies' basisinthe

Theatrestockis$50,000.YancyCorpwantstoobtainthelandsoTheatre

exchangesthelandforYancyvotingstockwork$130,000andthen

liquidates.ThevotingstockhadbeentreasurystockthatYancyhadbought

inthemarketfor$100,000.Yancyalsotransfers$1,000cashinadditionto

thevotingstock.HowmuchgainwillTheatreCorp.recognizefromthis

exchange?

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