LO.5 Buckeye Corporation transferred inventory (basis of $10, fair market value of $40) and machinery used in

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LO.5 Buckeye Corporation transferred inventory (basis of $10, fair market value of

$40) and machinery used in a U.S. factory (basis of $50, fair market value of $85) to MapleLeaf, a newly formed corporation in Canada, in exchange for all of MapleLeaf’s stock. Buckeye previously deducted $30 of depreciation related to the machinery on its U.S. tax return. How much gain, if any, must Buckeye recognize on the transfers of the property to MapleLeaf?

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