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Author Question: Ron transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of liabilities to a corporation ... (Read 45 times)

iveyjurea

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on: Sep 13, 2020

Question 1

John transfers assets with a $200,000 FMV (basis $160,000) and $170,000 of liabilities to a corporation in exchange for 100% of the corporation's stock with a FMV of $130,000. The corporation assumes the $170,000 mortgage. The transfer qualifies under Sec. 351. What is the corporation's basis in the property?
◦ $160,000
◦ $170,000
◦ $190,000
◦ $200,000

Question 2

Ron 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 the adjusted basis of the stock received?
◦ $0
◦ $30,000
◦ $60,000
◦ $70,000
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by iveyjurea on Sep 13, 2020

14vl19

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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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iveyjurea

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

fatboyy09

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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