Tara Transfers Land with a $600,000 Adjusted Basis and a $700,000

question 100

Multiple Choice

Tara transfers land with a $600,000 adjusted basis and a $700,000 FMV to a corporation in a Sec.351 transfer.Immediately after the transfer,Tara owns 100% of the corporation-stock with a FMV of $660,000.In addition,Tara's $40,000 principal balance on her student loan is legally assumed by the corporation as part of the overall transfer.No other property is transferred.Tara's recognized gain on the transfer is

• A)$0.
• B)$40,000.
• C)$60,000.
• D)$100,000.

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Definitions:

Subconsciously Guide

Describes the process of influencing actions or decisions in a manner that is not fully conscious or aware.

Organizational Culture

The set of shared values, beliefs, behaviors, and practices that characterizes an organization, influencing how people interact and work together within it.

Organizational Socialization

The process by which a new employee learns the organizational values, norms, and required behaviors which permit him to participate as a member of the organization.

Employees

Individuals who are hired by an organization to perform specific duties and tasks in exchange for compensation.