Recognized gain-basis in the stock

Reference no: EM13149773

Dave formed Shull Company and transferred land ($100,000 fair market value; $40,000 adjusted basis) and equipment ($50,000 fair market value; $10,000 adjusted basis) in exchange for 100 shares of stock. Shull Company assumes the $45,000 mortgage on the land as part of the transfer. What is Dave's recognized gain? What is his basis in the stock?

Reference no: EM13149773

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