Jeremy Transfers Sec

question 94

Multiple Choice

Jeremy transfers Sec. 351 property acquired three years earlier having a $100,000 basis and a $160,000 FMV to Jeneva Corporation. Jeremy receives all 200 shares of Jeneva stock having a $140,000 FMV, and a $20,000 90-day Jeneva note. What is Jeremy's recognized gain?

• A)$0
• B)$60,000
• C)$20,000
• D)$160,000

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Definitions:

Repetitious Pattern

A design element where a specific shape or motif is repeated multiple times in a predictable manner.

Harvesters Vase

A Minoan artifact, a small stone vase from the Bronze Age, notable for its detailed depiction of harvesters in relief.

Warrior Vase

A Mycenaean ceramic vase characterized by its depiction of a procession of armed warriors, showcasing the militaristic aspect of Mycenaean culture.

Death Masks

Plaster or wax casts taken of a person’s face shortly after their death, used historically to preserve a visual memory of the deceased.