Ronald,a cash basis taxpayer,incorporates his sole proprietorship.He transfers the following items to newly created Robin Corporation. 
With respect to this transaction:
A) Robin Corporation's basis in the building is $100,000.
B) Ronald has no recognized gain.
C) Ronald has a recognized gain of $20,000.
D) Ronald has a recognized gain of $10,000.
E) None of the above.
Correct Answer:
Verified
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