assume the tax rate for all c-corporations is 21%

Question 4 2.5 pts Kelsey transfers equipment worth $600,000 to Manor Corporation. In exchange, Kelsey receives Manor common stock worth $510,000 and $90,000 cash. Kelsey's adjusted basis for the equipment is $710,000. Assume the transaction qualifies for Sec. 351 treatment because the 80% control requirement is met. How much gain or loss must Kelsey recognize? $90,000 gain $105,000 gain $0 gain or loss $105,000 loss