Michael transfers a commercial building to his newly formed corporation, Build Corp., in exchange for 1,000 shares of stock worth $200,000 and a company vehicle worth $30,000. The building's adjusted basis is $150,000. What is Michael's recognized gain on the transfer?

I have answered this question and am looking to see if it is correct.   Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $110,000 and fair market value of $165,000). Simon invests $130,000 of cash. They each receive 100 shares in Ion Corporation, worth $130,000, but Yvonne also receives $35,000 of cash from Ion. Calculate Ion Corporation’s basis in the equipment. In addition, determine Yvonne and Simon’s basis in the Ion stock. Yvonne received cash, Ion Corporation subject to section 351 treatment. The gain which is recognized for Yvonne is the lower of the realized gain and the boot. The realized gain is $55,000 and the boot is $35,000 so the recognized gain for Yvonne is $35,000 Yvonne’s basis of stock is $110,000 Ion’s stock basis is $145,000 Simon’s stock basis is $130,000

Stephanie owns a machine (adjusted basis of $90,000; the fair market value of $125,000) that she uses in her business. She exchanges it for another machine (worth $100,000) and stock (worth $25,000). a. Stephanie's realized gain is $ ... and recognized gain is $.. b. The basis of the new machine is $. c. The basis in the stock she received is $

Six years ago, Donna purchased land as an investment. The land cost $150,000 and is now worth $480,000. Donna plans to transfer the land to Development Corporation, which will subdivide it and sell individual tracts. Development's income on the land sales will be ordinary in character. Read the requirements. Requirement a. What are the tax consequences of the asset transfer and land sales if Donna contributes the land to Development in exchange for all its stock? on the transfer of land to Development Corporation. Donna recognizes no gain or loss Development's basis in the land will be $ 150,000. All gain on the subsequent sales will be to Development. This alternative results in the pre-contribution gain post-contribution profit earned from subdividing the land ordinary income that accrued prior to Donna's transfer and the being taxed at a 21% tax rate. Requirement b. In what alternative ways can the transaction be structured to achieve more favorable tax results? Assume Donna's…

What is the sale?

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Please explain   Barbara is trading real property used solely for business purposes for new real property to be used in his business.  Barbara's  current property has a fair market value of $330,000, but her adjusted basis in the property is $275,000.  In this exchange Barbara will receive a new property worth $290,000 and $40,000 in cash.  What is Barbara's recognized gain or loss in the current year related to this exchange?

gostino purchased five crypto coins for $1,300 in October of 2021. He sold two of the coins for $650 in May of 2022. He later sold the remaining three coins for $695 in September of 2022. What is his net gain or loss on the coins? $85 short-term loss. $45 short-term gain. $130 short-term gain. $145 short-term gain.

1 Jamie plans to transfer a piece of equipment which is capital property to him, to a corporation he owns. The equipment has an Adjusted Cost Base (ACB) of $90,000, a Undepreciated Capital Cost (UCC) balance of $60,000 and a Fair Market Value (FMV) of $70,000. Jamie has $10,000 in taxable capital losses that he is concerned he won't be able to use in the future. What would you recommend to Jamie as an elected amount if he wants to defer as much tax as he can and use the losses?

Mario and Luigi each own half of a mushroom pizza parlor. They want to expand by purchasing a second brick oven for $30,000. They give Koopa Fund a 10% stake in the pizza parlor in exchange for the necessary capital. From this, we can infer that Luigi must have valued his stake in the business to be worth no more than x. What is x?