Solved: Gain recognized on the transaction, Accounting Basics

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Gain recognized on the transaction

Question: Ms. Pinella contributed property (adjusted basis $50,000, FMV $84,000) to Price Inc. in exchange for 200 shares of its stock (FMV=$74,000) and $10,000 cash. This exchange qualified under Section 351. Her gain recognized on this transaction is:

a. $50,000

b. $84,000

c. $54,000

d. $10,000

Please show work in detail.

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Accounting Basics: Gain recognized on the transaction

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