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ulie contributes land with a basis of $150,000 and a FMV of $250,000 in exchange for 100% of the stock of Red Corporation. The land

ulie contributes land with a basis of $150,000 and a FMV of $250,000 in exchange for 100% of the stock of Red Corporation. The land is subject to a liability of $200,000 and is assumed by Red Corporation. How much gain does Julie recognize of the transfer? $0 $50,000 $200,000 $100,000

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