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:

Religious Toleration

Religious toleration refers to the acceptance and allowance of different religious beliefs and practices without persecution.

Religious Liberty

The freedom to practice and exercise one's religion freely without persecution or discrimination, a principle upheld in many democratic countries.

Church-State Relations

The relationship and interaction between organized religion and the state, including issues of religious freedom, regulation, and separation.

Abolition of Slavery

The legal or formal ending of the practice of slavery, most notably in the United States with the Emancipation Proclamation in 1863 and the Thirteenth Amendment in 1865.