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Author Question: Janice transfers land and a building with a $180,000 adjusted basis and a $200,000 FMV to Optimum ... (Read 73 times)

jake

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on: Sep 13, 2020
Janice transfers land and a building with a $180,000 adjusted basis and a $200,000 FMV to Optimum Corporation in exchange for 100% of its stock in a transaction qualifying under Sec. 351. Shortly before the transfer, Janice obtains a $140,000 mortgage on the property and uses the funds to pay off personal debts. The corporation then assumes the $140,000 mortgage and issues stock worth $60,000. The mortgage assumption lacks business purpose and is intended to place cash in Janice's hands.
a. What is the gain realized by Janice?
b. What is the gain recognized by Janice?
c. What is the basis of the stock received by Janice?
d.   What is Optimum's basis in the land and building?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by jake on Sep 13, 2020

aloop

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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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jake

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

aliotak

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

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