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Assume the same facts as Problem 2, except that Rob also financed his truck with a $10,000 loan

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Assume the same facts as Problem 2, except that Rob also financed his truck with a $10,000 loan. On incorporating his trucking delivery business, Rob transferred to the corporation both the truck and the corporation assumed Rob’s loan. Immediately after the transfer, Rob owned 100% of the corporation’s stock.

Part a. Why would the corporation’s assumption of the loan be the same economic equivalent as boot (i.e., as if Rob was paid in cash)?

Part b. What is the gain on Rob's transfer of the truck to the corporation in exchange for stock and assumption of the loan?