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David organizes White Corporation with a transfer of land (basis $200,000, FMV $600,000) that is subject...

David organizes White Corporation with a transfer of land (basis $200,000, FMV $600,000) that is subject to a mortgage of $150,000. A month before incorporation, David bored $100,000 for personal purposes and gave the bank a lien on the land. White Corporation issues stock worth $350,000 to David and assumes the mortgage of $150,000 and the personal loan od $100,000. What are the tax consequences?

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