Question: (CO C) Suzanne transfers a building with an adjusted basis of $60,000 and a fair market value of $120,000 to ABC Company in return for

(CO C) Suzanne transfers a building with an adjusted basis of $60,000 and a fair market value of $120,000 to ABC Company in return for 100% of its stock. The building is subject to a $90,000 mortgage, which ABC Company assumes. Please calculate the amount of any gain that Suzanne will need to report. Please also calculate Suzanne's basis in the stock

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