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.Lacy transfers equipment (basis $25,000, FMV $120,000) to Gray Corporation. In return Lacy receives 80% of Gray's stock (worth $70,000) and an automobile (FMV $15,000). In addition, there is an outstanding mortgage of $35,000 (taken out 5 years ago) on the equipment which Gray assumes. With respect to this transaction what is Lacy's recognized gain ?

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