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What amount of gain does Diego recognize

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Question - Diego transfers real estate with a basis of $140,000 and a fair market value of $190,000 to a controlled corporation in return for stock in the corporation. However, shortly before the transfer Diego mortgages the real estate and uses the $20,000 to meet personal obligations. Consequently, along with the real estate, the mortgage is transferred to the corporation. What amount of gain, if any, does Diego (a) realize and (b) recognize.

Reference no: EM132969839

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