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Ester transfers land (basis of $200,000 and fair market value of $355,000) to a controlled...

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Accounting

Ester transfers land (basis of $200,000 and fair market value of $355,000) to a controlled corporation in return for stock in the corporation. However, shortly before the transfer, Ester mortgages the land and uses the $25,000 proceeds to meet personal obligations. Along with the land, the mortgage is transferred to the corporation.

Ester has a realized gain on the transfer of $ and a recognized gain of $ .

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