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Consideration Transferred Basis to Transferor Fair Market Number of Shares Issued Value From Ryan- Cash $820,000 $820,000 Notes receivable 235,000 290,000 1,110 From Kristen- Cash Patent Machinery $100,000 300,000 260,000 $100,000 500,000 200,000 800
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Carolina Corporations basis n the patent is.Its basis in the machinery X. Its basis in the machinery s Carolina Corporations basis in the patent is
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Answer #1

As Ryan and Kristen form Carolina Corporation, basis of recording of assets in Fair market value of asset at which it has been transferred.

Considering above, Notes receivable will be recorded at $290,000, patent at $500,000 and Machinery at $200,000 in Carolina Corporation.

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