Homework Answers
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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Consideration Transferred Basis to Transferor Fair Market Number of Shares Issued Value From Ryan- Cash $820,000...
Consideration Transferred Basis to Transferor Number of Shares Issued Fair Market Value From Ryan- Cash $820,000...
Consideration Transferred Basis to Transferor Number of Shares Issued Fair Market 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 Ryan's basis in the Carolina Corporation stock is Carolina Corporation's basis in the notes receivable is s Kristen's basis in the Carolina Corporation stock is s árolina Corporation's basis in the patent is X . Its basis in the machinery is
Consideration Transferred Number of Shares Issued Basis to Fair Market Value Transferor From Janice- Cash $125,000...
Consideration Transferred Number of Shares Issued Basis to Fair Market Value Transferor From Janice- Cash $125,000 $125,000 Machinery 210,000 400,000 525 From Thom- Cash Building Land $200,000 390,000 110,000 $200,000 280,000 90,000 570 e. Thom's basis in the Conestoga Corporation stock is s Conestoga Corporation's basis in the building is X. Its basis in the land is
Consideration Transferred Basis to Fair Market Number of Shares Issued Transferor Value From Amil- Cash $25,000...
Consideration Transferred Basis to Fair Market Number of Shares Issued Transferor Value From Amil- Cash $25,000 $25,000 Installment note 80,000 215,000 2,400 From Rebecca- Cash Building Land $60,000 300,000 31,000 $60,000 400,000 40,000 5,000 Hyde Corporation's basis in the installment note is a 1 Hyde Corporation's basis in the building is X. Its basis in the land is
Consideration Transfe Basis to Fair Market Number of Transferor Value Shares Issued From Janice- Cash $125,000...
Consideration Transfe Basis to Fair Market Number of Transferor Value Shares Issued From Janice- Cash $125,000 $125,000 Machinery 210,000 400,000 525 From Thom- Cash Building Cand $200,000 390,000 110,000 $200,000 280,000 90,000 570 hom's basis in the Conestoga Corporation stock is onestoga Corporation's basis in the building is s .Its basis in the land is s
Janice and Thom form the Conestoga Corporation with the following consideration: Consideration Transferred Basis to Transferor...
Janice and Thom form the Conestoga Corporation with the following consideration: Consideration Transferred Basis to Transferor Fair Market Value Number of Shares Issued From Janice— Cash $125,000 $125,000 Machinery 210,000 400,000 525 From Thom— Cash $200,000 $200,000 Building 390,000 280,000 Land 110,000 90,000 570 In the event the corporation is subject to the built-in loss adjustment, the alternative approach is not elected by the corporation and shareholder. Regarding these transactions, provide the following information: Thom's basis in the Conestoga Corporation...
Janice and Thom form the Conestoga Corporation with the following consideration: Consideration Transferred B...
Janice and Thom form the Conestoga Corporation with the following consideration: Consideration Transferred Basis to Transferor Fair Market Value Number of Shares Issued From Janice— Cash $125,000 $125,000 Machinery 210,000 400,000 525 From Thom— Cash $200,000 $200,000 Building 390,000 280,000 Land 110,000 90,000 570 In the event the corporation is subject to the built-in loss adjustment, the alternative approach is not elected by the corporation and shareholder. Regarding these transactions, provide the following information: If an amount is zero, enter...
Tom and Gail form Owl Corporation with the following consideration: Consideration Transferred Basis to Transferor Fair...
Tom and Gail form Owl Corporation with the following consideration: Consideration Transferred Basis to Transferor Fair Market Value Number of Shares Issued From Tom— Cash $50,000 $50,000 Installment note 240,000 350,000 40 From Gail— Inventory 60,000 50,000 Equipment 125,000 250,000 Patentable invention 15,000 300,000 60 The installment note has a face amount of $350,000 and was acquired last year from the sale of land held for investment purposes (adjusted basis of $240,000). Regarding these transactions, provide the following information: If...
Tom and Gail form Owl Corporation with the following consideration: Consideration Transferred Basis to Transferor Fair...
Tom and Gail form Owl Corporation with the following consideration: Consideration Transferred Basis to Transferor Fair Market Value Number of Shares Issued From Tom— Cash $50,000 $50,000 Installment note 240,000 350,000 40 From Gail— Inventory 60,000 50,000 Equipment 125,000 250,000 Patentable invention 15,000 300,000 60 The installment note has a face amount of $350,000 and was acquired last year from the sale of land held for investment purposes (adjusted basis of $240,000). Regarding these transactions, provide the following information: If...
Lucia transferred equipment (adjusted basis of $100,000 and fair market value of $500,000) to Gamma Corporation....
Lucia transferred equipment (adjusted basis of $100,000 and fair market value of $500,000) to Gamma Corporation. In return, Lucia received 80% of Gamma Corporation's stock (worth $320,000) and an automobile (fair market value of $60,000). In addition, there is an outstanding mortgage of $120,000, held for 5 years, on the building that Gamma Corporation assumed. With respect to this transaction: Lucia's recognized gain is $80,000. Gamma Corporation's basis in the building is $100,000. Lucia's recognized gain is $60,000. Lucia has...
Lucia transferred equipment (adjusted basis of $100,000 and fair market value of $500,000) to Gamma Corporation....
Lucia transferred equipment (adjusted basis of $100,000 and fair market value of $500,000) to Gamma Corporation. In return, Lucia received 80% of Gamma Corporation's stock (worth $320,000) and an automobile (fair market value of $60,000). In addition, there is an outstanding mortgage of $120,000, held for 5 years, on the building that Gamma Corporation assumed. With respect to this transaction: A) Lucia's recognized gain is $80,000. B) Gamma Corporation's basis in the building is $100,000. C) Lucia's recognized gain is...
Consideration Transferred Basis to Transferor Number of Shares Issued Fair Market 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 Ryan's basis in the Carolina Corporation stock is Carolina Corporation's basis in the notes receivable is s Kristen's basis in the Carolina Corporation stock is s árolina Corporation's basis in the patent is X . Its basis in the machinery is
Consideration Transferred Number of Shares Issued Basis to Fair Market Value Transferor From Janice- Cash $125,000 $125,000 Machinery 210,000 400,000 525 From Thom- Cash Building Land $200,000 390,000 110,000 $200,000 280,000 90,000 570 e. Thom's basis in the Conestoga Corporation stock is s Conestoga Corporation's basis in the building is X. Its basis in the land is
Consideration Transferred Basis to Fair Market Number of Shares Issued Transferor Value From Amil- Cash $25,000 $25,000 Installment note 80,000 215,000 2,400 From Rebecca- Cash Building Land $60,000 300,000 31,000 $60,000 400,000 40,000 5,000 Hyde Corporation's basis in the installment note is a 1 Hyde Corporation's basis in the building is X. Its basis in the land is
Consideration Transfe Basis to Fair Market Number of Transferor Value Shares Issued From Janice- Cash $125,000 $125,000 Machinery 210,000 400,000 525 From Thom- Cash Building Cand $200,000 390,000 110,000 $200,000 280,000 90,000 570 hom's basis in the Conestoga Corporation stock is onestoga Corporation's basis in the building is s .Its basis in the land is s
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