Which elm assumed for legitimate business purposes the fair, Accounting Basics

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Which elm assumed for legitimate business purposes the fair

Anna transferred land with an adjusted basis to her of $20,000 and a fair market value of $56,000 to Elm Corporation in exchange for 100% of Elm Corporation?s only class of stock. The land was subject to a liability of $26,000, which Elm assumed for legitimate business purposes. The fair market value of Elm's stock at the time of the transfer was $30,000.

What is the amount of Anna's recognized gain? Explain.

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Accounting Basics: Which elm assumed for legitimate business purposes the fair

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