William transfers real property with a fair market value of $275,000 and an adjusted basis of $125,000 to Westminster Corporation. He has owned the property for seven years. In return, he receives all 500 shares of stock in Westminster Corporation with a fair market value of $200,000, as well as a note for $75,000 payable in one year. What is the amount of gain recognized on the exchange?
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William transfers real property with a fair market value of $275,000 and an adjusted basis of $125,000 to Westminster Corporation. He has owned the property for seven years.
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