Part II$-$Exercises$/$Essays$-20\%$

Tiger forms a corporation by transferring land worth $$50,000$ for $100\%$ of the stock in the corporation. Tiger paid $$60,000$ for the land.

How much gain or loss do Tiger and the corporation recognize on the transfer?

Paw forms a corporation by transferring land worth $$50,000$ for $100\%$ of the stock in the corporation. Paw paid $$30,000$ for the land.

How much gain or loss do Paw and the corporation recognize on the transfer?