Jasmine transferred land she held as an investment (fair market value $140,000; basis $110,000) in exchange for 50 percent of Kandy Corporation stock
Jasmine transferred land she held as an investment (fair market value $140,000; basis $110,000) in exchange for 50 percent of Kandy Corporation stock (40 shares valued at $100,000) and $40,000 cash in a qualifying §351 exchange. What are the amount and character of gain Jasmine recognizes on the transfer?