Henry Transfers Property with an Adjusted Basis of $90,000 and an FMV

question 44

Multiple Choice

Henry transfers property with an adjusted basis of $90,000 and an FMV of $100,000 to a newly- formed corporation in a Sec. 351 exchange. Henry receives stock with an FMV of $80,000 and a short- term note with a $20,000 FMV. Henry's recognized gain is

• A) $10,000.
• B) $20,000.
• C) $5,000.
• D) $0.

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