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What amount of gain must Yasmine recognize

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Question - During the year, Yasmine transferred land with an adjusted basis of $40,000 and a fair market value of $95,000 to Nadir Corporation in exchange for 100% of Nadir Corporation's only class of stock. The land was subject to a liability of $45,000, which Nadir Corporation assumed. The fair market value of Nadir Corporation's stock at the time of the transfer was $50,000. What amount of gain must Yasmine recognize and what is her basis in the Nadir Corporation stock?

Reference no: EM132865967

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