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QUESTION 1 Lucia transferred equipment (adjusted basis of $100,000 and fair market value of $500,000) to...
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...
Mary transfers a building (adjusted basis of $15,000 and fair market value of $90,000) to White...
Mary transfers a building (adjusted basis of $15,000 and fair market value of $90,000) to White Corporation. In return, Mary receives 80% of White Corporation's stock (worth $65,000) and an automobile (fair market value of $5,000). In addition, there is an outstanding mortgage of $20,000 (taken out 15 years ago) on the building, which White Corporation assumes. With respect to this transaction: a. Mary has no recognized gain. b. White Corporation's basis in the building is $15,000.0 boobs c. Mary's...
explain pls! 5. Jenny owns an office building in Boston with an adjusted basis of $100,000 and a fair market value o...
explain pls!
5. Jenny owns an office building in Boston with an adjusted basis of $100,000 and a fair market value of $500,000. It is encumbered by mortgage debt of $80,000. Jenny meets Henry, who owns an apartment building in Houston, tax basis of $190,000 and fair market value of $420,000. They decide to exchange the two properties. Jenny takes the apartment building and Henry takes the office building along with assuming its debt. What is Jenny's recognized gain from...
Steve transfers an office building with an adjusted basis of $200,000 and a fair market value...
Steve transfers an office building with an adjusted basis of $200,000 and a fair market value of $300,000 for Arlene's office building (adjusted basis $190,000) with a fair market value of $250,000. Steve's mortgage of $120,000 is assumed by Arlene whose mortgage of $70,000 is assumed by Steve. What is the realized and recognized gain or loss for Steve and Arlene and what are their bases in their acquired buildings?
Lyle Lawrence transfers an apartment building with an adjusted basis of $300,000 and a fair market value of $480,000 for Carl Cushions apartment building (adjusted basis $280,000) with a fair market v...
Lyle Lawrence transfers an apartment building with an adjusted basis of $300,000 and a fair market value of $480,000 for Carl Cushions apartment building (adjusted basis $280,000) with a fair market value of $400,000. Lyle's mortgage of $120,000 is assumed by Carl, whose mortgage of $40,000 is assumed by Lyle. What is the recognized gain or loss for Lyle? (if a loss, put number in parentheses)
1. Jane owns a building for investment with an adjusted basis of $340,000 and a fair...
1. Jane owns a building for investment with an adjusted basis of $340,000 and a fair market value of $750,000. She exchanges the building for a building owned by Sue that Jane will use in her business. Sue’s building has a fair market value of $950,000 and is subject to a $200,000 liability. Jane assumes Sue’s liability and uses the building in her business. How much, if any, is Jane’s realized gain, recognized gain, and basis in the building received?...
30. Susan Moore contributed land with an adjusted basis of $500,000 and a fair market value...
30. Susan Moore contributed land with an adjusted basis of $500,000 and a fair market value of $800,000 to the Whirligig partnership in exchange for a 20 percent interest in the partnership. Susan held the land as a capital asset, and Whirligig also held the land as a capital asset. Three years after Susan transferred the land, Whirligig distributes the land to another partner when the land’s FMV is $1,000,000. What is Whirligig’s gain on the distribution, and what is...
82. In 2018, Sally transferred a building with an adjusted basis of $40,000 and a fair...
82. In 2018, Sally transferred a building with an adjusted basis of $40,000 and a fair market value of $45,000 to Sandy Corporation. In exchange, she received the following: 80% of Sandy Corporation's only class of stock, FMV of $20,000 Equipment with a FMV of $25,000 and an adjusted basis of $10,000 What is Sandy Corporation's basis in the building received in the transfer? $5,000 $25,000 $45,000 $50,000 None of the above
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
Mary transfers a building (adjusted basis of $15,000 and fair market value of $90,000) to White Corporation. In return, Mary receives 80% of White Corporation's stock (worth $65,000) and an automobile (fair market value of $5,000). In addition, there is an outstanding mortgage of $20,000 (taken out 15 years ago) on the building, which White Corporation assumes. With respect to this transaction: a. Mary has no recognized gain. b. White Corporation's basis in the building is $15,000.0 boobs c. Mary's...
explain pls!
5. Jenny owns an office building in Boston with an adjusted basis of $100,000 and a fair market value of $500,000. It is encumbered by mortgage debt of $80,000. Jenny meets Henry, who owns an apartment building in Houston, tax basis of $190,000 and fair market value of $420,000. They decide to exchange the two properties. Jenny takes the apartment building and Henry takes the office building along with assuming its debt. What is Jenny's recognized gain from...
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
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