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What is the amount of mr carroll recognized gain

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Reference no: EM132822656

Problem 1: Mr. Carroll transferred the title of a condo he owned in Mexico to his 100%-owned accounting corporation in exchange for stock worth $5,000. Carroll used the condo for personal purposes, and he had no bona fide business reason for the transfer. At the time of the transfer, the condo had a fair market value of $170,000, an adjusted basis of $160,000, and a mortgage of $165,000 (which was assumed by the corporation). What is the amount of Mr. Carroll's recognized gain?

A. $165,000
B. $10,000
C. $5,000
D. $0

Reference no: EM132822656

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