Cubs inc. was completely liquidated. in the exchange for his 20 percent interest, ross received land with a fair market value of $200,000. ross’s basis in the cubs stock was $100,000. the land had a basis to cubs inc. of $50,000. what amount of gain does ross recognize in the exchange and what is his basis in the land he receives? multiple choice
1. no gain recognized and a basis in the land of $50,000. no gain recognized and a basis in the land of $100,000.2. $100,000 gain recognized and a basis in the land of $100,000.3. $100,000 gain recognized and a basis in the land of $200,000

Kendra knight took part in a friendly game of touch football. she had played before and was familiar with football. michael jewett was on her team. in the course of play, michael bumped into kendra and knocked her to the ground. he stepped on her hand, causing injury to a little finger that later required its amputation. she sued michael for damages. he defended on the ground that she had assumed the risk. kendra claimed that assumption of risk could not be raised as a defense because the state legislature had adopted the standard of comparative negligence. what happens if contributory negligence applies? what happens if the defense of comparative negligence applies?