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weedle-Dee and Tweedle-Dum form Alice Corporation with the transfer of the following. Tweedle-Dee performs personal services for the corporation with a fair market value of $100,000 in exchange for 400 shares of stock. Tweedle-Dum contributes an installment note receivable (basis $25,000; fair market value $40,000), land (basis $50,000; fair market value $180,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares. Determine Tweedle-Dee and Tweedle-Dum’s current income, gain, or loss; calculate the basis that each takes in the Alice stock. Upload an excel, word, or pdf file showing your calculations

weedle-Dee and Tweedle-Dum form Alice Corporation with the transfer of the following. Tweedle-Dee performs personal services for the corporation with a fair market value of $100,000 in exchange for 400 shares of stock. Tweedle-Dum contributes an installment note receivable (basis $25,000; fair market value $40,000), land (basis $50,000; fair market value $180,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares. Determine Tweedle-Dee and Tweedle-Dum’s current income, gain, or loss; calculate the basis that each takes in the Alice stock. Upload an excel, word, or pdf file showing your calculations

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tweedle-Dee and Tweedle-Dum form Alice Corporation with the transfer of the following.

Tweedle-Dee performs personal services for the corporation with a fair market value of $100,000 in exchange for 400 shares of stock. Tweedle-Dum contributes an installment note receivable (basis $25,000; fair market value $40,000), land (basis $50,000; fair market value $180,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares.

Determine Tweedle-Dee and Tweedle-Dum’s current income, gain, or loss; calculate the basis that each takes in the Alice stock. Upload an excel, word, or pdf file showing your calculations.

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