Homework Answers
| Sam | Devon | |
| Realized gain | $0 | $0 |
| Boot Received | $0 | $0 |
| Recognized gain | $0 | $0 |
| Tax basis in shares | 80% | 20% |
| Corp. Basis in Property | $80000 | $5000 |
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Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement,...
Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement,...
Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam’s tax basis in the inventory is $60,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualified as organizational expenditures). The accounting services are valued at $25,000. 1)Explain how to calculate the gain/loss realized, gain/loss recognized...
Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement,...
Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $124,000 in return for 80 percent of the stock in the corporation. Sam’s tax basis in the inventory is $74,400. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualified as organizational expenditures). The accounting services are valued at $31,000. (Negative amounts should be indicated by a minus sign....
Jack and Dan agree to go into business together selling clothing. According to the agreement, Jack...
Jack and Dan agree to go into business together selling clothing. According to the agreement, Jack will contribute inventory valued at $91,200 in return for 80 percent of the stock in the corporation. Jack’s tax basis in the inventory is $50,160. Dan will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualified as organizational expenditures). The accounting services are valued at $22,800. (Negative amounts should be indicated by a minus sign. Leave...
Jack and Dan agree to go into business together selling clothing. According to the agreement, Jack...
Jack and Dan agree to go into business together selling clothing. According to the agreement, Jack will contribute inventory valued at $91,200 in return for 80 percent of the stock in the corporation. Jack’s tax basis in the inventory is $50,160. Dan will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualified as organizational expenditures). The accounting services are valued at $22,800. (Negative amounts should be indicated by a minus sign. Leave...
Jack and Dan agree to go into business together selling clothing. According to the agreement, Jack...
Jack and Dan agree to go into business together selling clothing. According to the agreement, Jack will contribute inventory valued at $91,200 in return for 80 percent of the stock in the corporation. Jack’s tax basis in the inventory is $50,160. Dan will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualified as organizational expenditures). The accounting services are valued at $22,800. (Negative amounts should be indicated by a minus sign. Leave...
Jack and Dan agree to go into business together selling clothing. According to the agreement, Jack...
Jack and Dan agree to go into business together selling clothing. According to the agreement, Jack will contribute inventory valued at $91,200 in return for 80 percent of the stock in the corporation. Jack’s tax basis in the inventory is $50,160. Dan will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualified as organizational expenditures). The accounting services are valued at $22,800. (Negative amounts should be indicated by a minus sign. Leave...
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