Mr. Jamail transferred business personalty (FMV $187,000; adjusted tax basis $29,900) to J&K Incorporated in exchange for J&K common stock. Which of the following statements is true? Multiple Choice If Mr. Jamail owns 14% of J&K's outstanding stock immediately after the exchange, he must recognize a $157,100 gain. If Mr. Jamail owns 74% of J&K's outstanding stock immediately after the exchange, he must recognize a $157,100 gain. If Mr. Jamail owns 81% of J&K's