Noah and olivia form the gray corporation with the following investment:
fmv
noah— cash $180,000
olivia— property (basis of $140,000) 200,000
each receives 1,000 shares of gray stock, but olivia also receives cash of $20,000. (each share of stock is worth $180.)
a. what is olivia’s recognized gain?
b. her basis in the gray stock?
c. what is gray’s basis in the property?

Ithink a or b

Answer uml;

Students in mrs. carr’s class are asked to make a prediction after reading this passage from white fang.but the bane of his life was lip-lip. larger, older, and stronger, lip-lip had selected white fang for his special object of persecution. white fang fought willingly enough, but he was outclassed. his enemy was too big. lip-lip became a nightmare to him. whenever he ventured away from his mother, the bully was sure to appear.which student prediction is most reasonable?