(Answered) Question - john the sole owner of lv co transfers equipment

Accounting

Question - John, the sole owner of LV Co., transfers equipment to LV Co. in return for 100 shares of its stock and $10,000. The stock is worth $70,000. John bought the machine several years ago for $60,000 and its adjusted basis at the time of the transfer was $28,000. John's recognized gain on the transfer is?

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