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Mrs. Brinkley transferred business property (FMV $340,200; adjusted tax basis $111,700 ) to MEW Inc,...

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Accounting

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Mrs. Brinkley transferred business property (FMV $340,200; adjusted tax basis $111,700 ) to MEW Inc, in exchange for 4.200 shares of MEW stock Immediately after the exchange, MSW had 7,800 shares of outstangling stock. Determine Mrs. Brinkley's realized and recognized gain on the exchange and the tax basis in her 4,200MEW shares. $228,500 eain realized and recognized; $340,200 basis in MSW shares $228,500 gain reatized and recognized:\$111,700 basis in MGW shares $228,500 gain reallzed and no gain recognized; $111,700 basis in M\&W shares None of the above

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