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Ann transfers land ( market value $ 1 7 0 , 0 0 0 , basis $ 6 0 , 0 0 0 ) to

Ann transfers land (market value $170,000, basis $60,000) to Acme Corporation in exchange for 100% of Acmes stock and a $20,000 note receivable. The corporation also assumes a mortgage of $90,000 on the land transferred. What is the total amount of gain recognized by Ann?

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