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How much gain was recognized by sandra

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Question - Sandra transferred property to her newly formed corporation, SDA Inc. The property had an adjusted basis to Sandra of $60,000 and a fair market value of $100,000 on the date of the transfer and the corporation assumed an $80,000 liability on the property. On the same day, and in exchange for the property she transferred to SDA Inc., Sandra received a payment of $10,000 and 100 percent of SDA Inc.'s only class of stock. How much gain was recognized by Sandra as a result of this transaction?

a. 0.

b. $10,000.

c. $20,000.

d. $30,000.

e. $40,000.

Reference no: EM131831849

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