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Lois, who is single, transfers property with an $ 8 0 , 0 0 0 basis and a $ 1 2 0 , 0 0
Lois, who is single, transfers property with an $ basis and a $ fair market value to Water Corporation in exchange for all shares of Water stock. The shares qualify as stock. Two years later, Lois sells the shares for $
What amount of gain or loss does Lois recognize, and what is the character of the gain or loss?
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