Which of the happens with respect to the transfer

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Teri transferred land worth $200,000 (basis of $40,000) to Angle Corporation, an existing entity, for 300 shares of its stock. Angle Corporation has two other shareholders, Stuart and Carl, each of whom holds 50 shares. Which of the following happens with respect to the transfer? Teri has no recognized gain. Angle Corporation has a basis of $200,000 in the land. Teri has a basis of $200,000 in her 300 shares in Angle Corporation. Both B and C None of the above

Reference no: EM131217648

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