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QUESTION 14 Erica transfers land worth $500,000 with a basis of $100,000 to a newly formed Robin Corporation, for all of it's stock, worth $300,000
QUESTION 14\ Erica transfers land worth
$500,000
with a basis of
$100,000
to a newly formed Robin Corporation, for all of it's stock, worth
$300,000
, and
$200,00010
-year note payable to Erica. As a result of the transfer:\ a. Erica does not recognize gain.\ b. Erica recognizes gain of
$400,000
.\ c. Robin Corporation has a basis of
$100,000
in the land.\ d. Robin Corporation has a basis of
$300,000
in the land.\ QUESTION 15
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