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Barney transferred his 10-percent interest to Goliath Co. as part of a complete liquidation of...

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Accounting

Barney transferred his 10-percent interest to Goliath Co. as part of a complete liquidation of the company. In the exchange, he received land with a fair market value of $105,000. The land had a basis to Goliath of $80,000. Barney's basis in the Goliath stock was $50,000. What amount of gain does Barney recognize in the exchange, and what is Barney's basis in the land he receives? Select one: OA. $0 gain; $105,000 basis OB. $55,000 gain; $105,000 basis OC. $0 gain; $80,000 basis OD. $50,000 gain; $80,000 basis
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Barney transferred his 10.percent interest to Goliath Co. as part of a complete liquidation of the company. In the exchange, he received land with a fair market value of $105,000. The land had a basis to Goliath of $80,000. Barney's basis in the Goliath stock was $50,000. What amount of gain does Barney recognize in the exchange, and what is Barney's basis in the land he receives? Select one: A. $0 gain; $105,000 basis B. $55,000 gain; $105,000 basis. C. $0 gain; $80,000 basis D. $50,000 gain; $80,000 basis

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