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Bob transferred property that had an adjusted basis to him of $40,000 and a fair market...

Bob transferred property that had an adjusted basis to him of $40,000 and a fair market value of $50,000 to Corporation Z in exchange for 100% of Z's only class of stock and $15,000 cash. At the time of the transfer the stock had a fair market value of $35,000. What is the amount of gain to be recognized by Bob?

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