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In a qualifying Section 351 transaction, Sarah transferred a building to Handle Co. in exchange for 100% of its stock. At the date of transfer, the building had a basis of $200,000, a fair market value of $225,000, and was subject to a liability of $210,000, which the corporation assumed. How much gain does Sarah recognize, and what is her basis in the shares of stock that she received?a)$10,000 recognized gain; $210,000 stock basisb)$25,000 recognized gain; $0 stock basisc)$10,000 recognized gain; $0 stock basisd)$0 recognized gain; $200,000 stock basis

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In 1980, an airplane from Cheapo Airlines realized too many passengers were aboard (which meant it was violating federal regulations) when it was in the air. The flight attendants randomly chose one passenger, Achilles, and threw him overboard with an experimental jetpack and told him to keep flying until he found land. Achilles went on about his life for many years, but the incident was always in the back of his head. In 2020, he sued Cheapo Airlines in North Carolina federal district court for intentional infliction of emotional distress under North Carolina law. The statute of limitations in North Carolina is four years. The federal page limit is 25 pages, but the North Carolina page limit is 30 pages. Cheap Airlines removed to federal court, filed a 12(b)(6) motion, and argued that there was no intentional infliction of emotional distress because getting to ride a jetpack is fun for the first 25 pages. On page 26, it argued that the court had to dismiss because the statute of limitations had expired. The district court refused to consider the argument because it read only the first 25 pages, denied the motion to dismiss the complaint, and Achilles won at trial. On appeal, Cheapo Airlines argues that the statute of limitations precludes Achilles from winning and that under York, the district court should have applied the North Carolina page limit. True or false, under York, the appeals court will apply North Carolina's page limit?

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