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Author Question: Daniel transfers land with a $92,000 adjusted basis and a $100,000 FMV to a corporation in a Sec. ... (Read 303 times)

anjilletteb

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on: Sep 13, 2020

Question 1

Bob transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of liabilities to a corporation in exchange for 100% of the corporation's stock with a FMV of $30,000. The corporation assumes the $70,000 mortgage. The transfer qualifies under Sec. 351. What is Bob's gain recognized on the transfer?
◦ $0
◦ $10,000
◦ $30,000
◦ $40,000

Question 2

Daniel transfers land with a $92,000 adjusted basis and a $100,000 FMV to a corporation in a Sec. 351 transfer. Immediately after the transfer, Daniel owns 100% of the corporation-stock with a FMV of $15,000. In addition, $85,000 of liabilities are assumed by the corporation with respect to the transfer. No other property is transferred. Daniel's basis in the stock is
◦ $0.
◦ $7,000.
◦ $8,000.
◦ $100,000.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by anjilletteb on Sep 13, 2020

kaykay69

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Bobby Agustin

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Reply #2 on: Dec 18, 2021
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