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Ashley transfers a building with a $170,000 adjusted basis to Indigo. The $200,000 mortgage on the building is also transferred. In return, Ashley receives Indigo
Ashley transfers a building with a $170,000 adjusted basis to Indigo. The $200,000 mortgage on the building is also transferred. In return, Ashley receives Indigo stock worth $150,000 and $50,000 cash. Assume the transaction qualifies under Section 351. What is Ashley's recognized gain?
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