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Michael transfers property to Bolden Corporation in exchange for stock. After the transfer, Michael owns 76% of the corporation. The fair market value of the property is equal to $20,000, and its adjusted basis is $16,000. Michael's share in the company is worth $32,000. What is Michael's recognized gain? A. $32,000 B. $16,000 C. $12,000 D. $0
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