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Even though Johanne did not receive boot in the exchange, he still must recognize a $9,000 gain because the $52,500 mortgage assumed by S&J Corporation on the exchange exceeds the $43,500 basis of the property Johanne transferred by $9,000 ($52500 liabilities minus $43,500 adjusted basis transferred = $9,000 recognized gain). Assuming the facts in e., what is Johanne's basis in the S&J stock he received in the exchange?Īnswer:a $9,000 capital gain. What is the amount and character of gain Johanne must recognize on the exchange?f. Assume the original facts except that the liability assumed by S&J corporation would give rise to a deduction when paid. Assuming the facts in c., what is Johanne's basis in the S&J stock he received in the exchange?e. What is the amount and character of gain Johanne must recognize on the exchange of the land and inventory for stock?d. Assume that in in addition to the investment property, Johanne transferred inventory with a fair market value of $46,200 and an adjusted basis of $28,900 for additional S&J Corporation stock. What is Johanne's adjusted basis in the S&J stock he received in the exchange?c. Assuming the transfer qualifies under Sec.351, what is the amount and character of the gain Johanne must recognize on the exchange?b. The investment property was subject to a $52,500 mortgage that S&J Corporation assumed on the transfer (not treated as boot)a. The property's fair market value was $267,000 and its adjusted basis to Johanne was $43,500.

Johanne transferred investment property to S&J Corporation in exchange for 60 percent of the S&J Corporation stock (65 shares valued at $214,500).

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