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Jalen transferred his 10 percent interest to Wolverine Company as part of a complete liquidation of the company. In the exchange, he received land with a fair market value of $100,000. Jalen's basis in the Wolverine stock was $50,000. The land had a basis to Wolverine Company of $80,000. What amount of gain does Jalen recognize in the exchange and what is his basis in the land he receives?

Respuesta :

cancinodavidq

Answer:

$50,000 gain recognized and a basis in the land of $100,000

Explanation:

Accoring to the information provided by the exercise: As the stock was of $50,000 will recognized as a gain and he recieved of $100,000 with a fair market value will be recognized.

jr166981758

Answer:

$50,000 gain recognized and basis in the land of $100,000

Explanation:

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