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How much gain will theatre corp recognize

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Question - Andies Inc. owns all of the stock of Theatre Corp., the only asset of which is acreage that had been used as one of the last surviving drive-in theatres, with an adjusted basis of $60,000 and FMV of $150,000. Andies' basis in the Theatre stock is $50,000. Yancy Corp wants to obtain the land so Theatre exchanges the land for Yancy voting stock work $130,000 and then liquidates. The voting stock had been treasury stock that Yancy had bought in the market for $100,000. Yancy also transfers $1,000 cash in addition to the voting stock. How much gain will Theatre Corp. recognize from this exchange? Explain your response.

Reference no: EM132195431

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