Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for.

Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert s mortgage on the land of $200,000. Albert has a recognized gain on the transfer of $140,000. Albert has a recognized gain on the transfer of $80,000. Albert has a recognized gain on the transfer of $60,000. Gold Corporation has a basis in the land of $220,000.

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