Eileen Transfers Property Worth $200,000 (Basis of $60,000)to Goldfinch Corporation

question 68

Multiple Choice

Eileen transfers property worth $200,000 (basis of $60,000) to Goldfinch Corporation.In return,she receives 80% of the stock in Goldfinch Corporation (fair market value of $180,000) and a long-term note (fair market value of $20,000) executed by Goldfinch and made payable to Eileen.Eileen recognizes gain on the transfer of:

• A)$0.
• B)$20,000.
• C)$60,000.
• D)$140,000.
• E)None of the above.

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