What is the stock basis for Harold in the following Harold transfers the following to a newly formed corporation: Land (basis of $50,000 and FMV of $100,000) Building (basis of 50,000 and FMV of $400,000) Accounts payable of $10,000 (for business supplies) Notes Payable 1 for building improvements of $185,000 7 ero (original basis plus gain recognized less liabilities transferred) Ob $05,000 the gain recognized Oe 15,000 (the gain recognized less original basis) Od $100,000 (850- 150) O (895,000) (S100.000 basis less $195,000 gain)

What is the stock basis for Harold in the following Harold transfers the following to a newly formed corporation: Land (basis of $50,000 and FMV of $100,000) Building (basis of 50,000 and FMV of $400,000) Accounts payable of $10,000 (for business supplies) Notes Payable 1 for building improvements of $185,000 7 ero (original basis plus gain recognized less liabilities transferred) Ob $05,000 the gain recognized Oe 15,000 (the gain recognized less original basis) Od $100,000 (850- 150) O (895,000) (S100.000 basis less $195,000 gain)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter18: Corporations: Organization And Capital Structure

Section: Chapter Questions

Problem 22CE

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