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Under a qualifying Section 351 transaction, Sam receives stock worth $400,000 and corporate debt of $100,000 in exchange for his property ($500,000 fair market value,

Under a qualifying Section 351 transaction, Sam receives stock worth $400,000 and corporate debt of $100,000 in exchange for his property ($500,000 fair market value, $430,000 tax basis). What is Sam's recognized gain?

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