John, Paul, George, and Ringo form Scarabs, Inc. They contribute and receive the following: Contributed Received Shareholder FMV Adjusted Basis Debt Shares Boot John Cash $400,000.00 $ 400,000.00 400 Paul Property A $430,000.00 $250,000.00 400 $30,000.00 George Property B $630,000.00 $180,000.00 $2,230,000.00 400 Ringo Cash $325,000.00 $325,000.00 400 Services ? ? What basis will the corporation take in Property B?
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- Required information Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Kevan: Cash Land* Totals Basis Fair Market Value $ 15,000 120,000 $ 15,000 440,000 $ 135,000 $ 455,000 *Nonrecourse liability secured by the land equals $210,000. Each member received a one-third capital and profits interest in the LLC. Note: Leave no answer blank. Enter zero if applicable. Round to the nearest whole thousand. f. If the lender holding the nonrecourse liability secured by Kevan's land required Kevan to guarantee 1/3 of the liability and Jerry to guarantee the remaining 2/3 of the liability when Albee LLC was formed, how much gain or loss will Kevan recognize? X Answer is complete but not entirely correct. Gain or loss recognized $ 0XAntoine, Becky, and Colleen form ABC Corporation by contributing the following items in exchange for stock in ABC Corporation: Adjusted Basis Fair Market Value of property given of property given Shares of Stock Received Antoine: Cash $ 30,000 $30,000 Equipment 300,000 420,000 4500 shares Becky: Land $100,000 $480,000 3000 shares* Mortgage 150,000 (150,000) Colleen: Services $0 $ 50,000 500 shares Additional information: Colleen has…24) Individuals Opal and Ben form OB Corporation. Opal transfers land and a building with a $550,000 adjusted basis and a $625,000 FMV in exchange for 50% of the stock of the OB Corporation worth $610,000 and a $15,000 note. Ben transfers cash of $625,000 for 50% of the stock worth $610,000 and a note of the OB Corporation valued at $15,000. Opal's basis in the stock received is A) $560,000. B) $625,000. C) $610,000. D) $550,000.
- Elaine, James, and Jeremy form Forest Corporation by transferring the following items to the corporation: Items transferred Basis Fair Market Value Number of Shares Issued From Elaine: Cash $60,000 $60,000 200 shares Equipment 30,000 340,000 From James: Land 100,000 540,000 200 shares Mortgage 140,000 140,000 From Jeremy: Office equipment 50,000 260,000* 100 shares Besides the receiving 100 shares of stock,…Elaine, James, and Jeremy form Forest Corporation by transferring the following items to the corporation: Items transferred Basis Fair Market Value Number of Shares Issued From Elaine: Cash $60,000 $60,000 200 shares Equipment 30,000 340,000 From James: Land 100,000 540,000 200 shares Mortgage 140,000 140,000 From Jeremy: Office equipment 50,000 260,000* 100 shares Besides the receiving 100 shares of stock,…