Janice and Thom form the Conestoga Corporation with the following consideration: Consideration Transferred B...

Question

Question

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 "0".

e. Thom's basis in the Conestoga Corporation stock is $.

Feedback

Incorrect

f. Conestoga Corporation's basis in the building is $. Its basis in the land is $.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Answer The Conestoga Corporation Buidling Batto to Transferer - 390000 Cash Basic to Transfer - 200000 and Baric to Transfor The Conestoga corporation Brasis in the building c corporaloni Balles in the Land = 110000 Its basts in the building - 39000

Add a comment

Answer 2

Similar Homework Help Questions

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...
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 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

Problem #1 Mark and Jain form X corporation with the following consideration: Consideration Transferred Basis to...

Problem #1 Mark and Jain form X corporation with the following consideration: Consideration Transferred Basis to FMV Number of Shares Transferor Received From Mark Cash Installment Obligation 20,000 140,000 20,000 180,000 20 From Jain Services 20,000 Calculate Realized and recognized gain/loss, basis to each shareholder. Also calculate basis to X corporation for Installment Obligation.
Mark and Jain form X corporation with the following consideration: Consideration Transferred Basis to FMV Number...

Mark and Jain form X corporation with the following consideration: Consideration Transferred Basis to FMV Number of Shares Transferor Received From Mark Cash Installment Obligation 20,000 140,000 20,000 180,000 20 20,000 2 From Jain Services Calculate Realized and recognized gain/loss, basis to each shareholder. Also calculate basis to X corporation for Installment Obligation. to the plan as presented above. S
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 Basis to Transferor Fair Market Number of Shares Issued Value From Ryan- Cash $820,000...

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 We were unable to transcribe this imageCarolina Corporation's basis n the patent is.Its basis in the machinery X. Its basis in the machinery s Carolina Corporation's basis in the patent 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
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...

Janice and Thom form the Conestoga Corporation with the following consideration: Consideration Transferred B...

Homework Answers

Add Answer to:
Janice and Thom form the Conestoga Corporation with the following consideration: Consideration Transferred B...

Post as a guest

Earn Coins