Myra transfers property wiht a tax basis of 400 and the fair market value of...
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Accounting
Myra transfers property wiht a tax basis of 400 and the fair market value of 500 to a corporation in exchange for stock with a fair market value of 350 in a transaction that qualifies for deferral under code section 351. The corporation assumed a liability of $150 on the property transferred as part of the consideration which was not done for tax avoidance purposes. What is Myras recognized gain on the exchange
a. 0
b. 50
c. 100
d. 500
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