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What is Joe recognized gain

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Reference no: EM133095701

Question - Joe "swaps" 10,000 shares of XYZ Corp stock that he bought for 100,000 for 300,000 shares of ABC Corp worth 600,000. Its a tax free reorg. What is Joe's recognized gain and what is Joe's basis in the ABC Corp stock he winds up with?

Recognized gain 0; Basis 600,000

Recognized gain 0; Basis 300,000

Recognized gain 0; Basis 100,000

Recognized Gain 500,000; Basis 600,000

Reference no: EM133095701

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