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Anthony transfers property with a basis of $400 and FMV of $500 to a corporation in exchange for 80% of its stock worth $500. The
Anthony transfers property with a basis of $400 and FMV of $500 to a corporation in exchange for 80% of its stock worth $500. The transfer qualifies under section 351. The corporation also assumes the section 150 liability on the property transferred which was used to go on a family vacation. What is Anthony's recognized gain or loss on this transaction?
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