Elliot Michaels transfers land and inventory to Zombi Corporation in return for 100 percent of its stock. The land has a

[answerhappygod]

Elliot Michaels Transfers Land And Inventory To Zombi Corporation In Return For 100 Percent Of Its Stock The Land Has A 1 (27.56 KiB) Viewed 8 times

Elliot Michaels transfers land and inventory to Zombi Corporation in return for 100 percent of its stock. The land has a fair market value of $150,000 and an adjusted basis of $80,000. The inventory has a fair market value of $50,000 and an adjusted basis $60,000. Elliot receives stock worth $170,000 and cash of $30,000. What is the amount of gain recognized by Elliot? $30,000 O $20,000 O $60,000 O $22,500