Question 3: Mary transferred land with an adjusted basis to her of $21,000 and a...
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Accounting
Question : Mary transferred land with an adjusted basis to her of $ and a fair market value of $ to Wine Corporation in exchange for of Wine Corporation's only class of stock. The land was subject to a liability of $ which Wine assumed for legitimate business purposes. The fair market value of Wine's stock at the time of the transfer was. $ What is the amount of Mary's recognized gain?
a $
b $
c $
d $
of
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