in a sec. 351 transaction, mr. biller transferred assets with an adjusted basis of $76,000 and a fair market value of $80,000 to bay view corporation in exchange for its capital stock with a fair market value of $72,000. bay view corporation also assumed a liability from mr. biller of $81,000 [not a trade account payable under sec. 357(c)(3)]. what is mr. biller’s recognized gain?
