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Rita forms Finch Corporation by transferring land (basis of 125,000; fair market value of 750,000) which is subject to a mortgage of 375,000. Two weeks prior to incorporating Finch, Rita borrows 125,000 for personal purposes and gives the lender a second mortgage on the land. Finch Corporation issues stock worth 250,000 to Rita and assumes the two mortgages on the land. What are the tax consequences to Rita and Finch Corporation?

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