Shareholder D transfer a building to K Corporation that has a basis of $50,000 and...
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Accounting
Shareholder D transfer a building to K Corporation that has a basis of $50,000 and fair market value of $150,000 in exchange for stock with a fair market value of $60,000, cash of $30,000 and other property worth $60,000. What was the amount of gain recognized, if any, by D on this transaction:
a. $80,000 b. $120,000 c. $90,000 d. $100,000
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