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Sam and Maude (both individuals) form S&M Corporation. Sam contributes cash of $100,000 and Maude...

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Accounting

Sam and Maude (both individuals) form S&M Corporation. Sam contributes cash of $100,000 and Maude contributes property with a basis of $40,000 and a fair market value of $100,000. If Sam and Maude own all of the stock in S&M Corporation immediately after the transfer, what is Maude's recognized gain on the transfer?
a. $0
b. $50,000
c. $20,000
d. $30,000
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