Max transfers the following properties to a newly created corporation for $90,000 of stock and $10,0 in a transaction that qualifies under Sec. 351.
$\begin{array}{|l|l|l|l|}
\hline & \text { Asset One } & \text { Asset Two } & \text { Asset Three } \
\hline \text { FMV } & \$ 30,000 & \$ 45,000 & \$ 25,000 \
\text { Basis } & 35,000 & 40,000 & 20,000\\hline
\end{array}$ Max's recognized gain is

Question

Quizplus · Accepted Answer

The Answer of Max transfers the following properties to a newly created corporation for $90,000 of stock and $10,0 in a transaction that qualifies under Sec. 351.
$\begin{array}{|l|l|l|l|}
\hline & \text { Asset One } & \text { Asset Two } & \text { Asset Three } \
\hline \text { FMV } & \$ 30,000 & \$ 45,000 & \$ 25,000 \
\text { Basis } & 35,000 & 40,000 & 20,000\\hline
\end{array}$ Max's recognized gain is

Max Transfers the Following Properties to a Newly Created Corporation