Jerry Transfers Two Assets to a Corporation as Part of a Sec

question 93

Multiple Choice

Jerry transfers two assets to a corporation as part of a Sec. 351 exchange. The first asset has an adjusted basis of $70,000 and an FMV of $50,000. The second asset has an adjusted basis of $70,000 and an FMV of $150,000. The FMV of the stock received is $180,000, and he also receives $20,000 cash. The realized and recognized gain on the second asset is

• A)$80,000 realized; $20,000 recognized.
• B)$80,000 realized; $15,000 recognized.
• C)$20,000 realized; $10,000 recognized.
• D)$10,000 realized; $10,000 recognized.

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Definitions:

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