Jill Transfers Property Worth $200,000 (Basis of $190,000) to Blue

question 29

True/False

Jill transfers property worth $200,000 (basis of $190,000) to Blue Corporation. In return, she receives 80% of the stock in Blue Corporation (fair market value of $180,000) and a long-term note, executed by Blue and made payable to Jill (fair market value of $20,000). Jill recognizes gain of $20,000 on the transfer.

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Definitions:

Diurnal Mammalian Evolution

The evolutionary process affecting mammals that are active during the day (diurnal), leading to specific adaptations such as improved vision.

Mammalian Primate Biology

The study of the biological aspects, characteristics, and behaviors of primates, which are a group of mammals that includes humans, monkeys, and apes.

Behavioral Patterns

Repeated actions or responses by individuals or groups, which are often indicative of underlying social norms, beliefs, or psychological states.

Endangered

Refers to species that are at risk of extinction due to a drastic decline in population and habitat loss.