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In a 3 5 1 transaction, Byron transfers property with a value of $ 1 0 0 , 0 0 0 ( adjusted basis =

In a 351 transaction, Byron transfers property with a value of $100,000(adjusted basis = $80,000) to Allen Corp. for stock worth $50,000. Allen assumes the $50,000 mortgage against the property. What is the recognized gain or loss on the transfer?
Multiple choice question.
$20,000 gain
$30,000 loss
$0

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