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In an exchange transaction, Jesse transferred land worth $50,000 to his 80%-controlled corporation in exchange for additional stock of the corporation worth $20,000 and cash of $20,000. The basis of the property to him was $15,000 and was subject to a $10,000 mortgage, which the corporation assumed. Jesse must report a gain of how much?

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Accounting Basics, Accounting

Category:- Accounting Basics
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