9. Albert transfers land (basis of S140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stockAlbert's basis in stock received is .a. Albert has a recognized gain on the transfer of $140,000.b. Albert has a basis of $140,000c. Albert has a basis of $320,000.d. Gold Corporation has a basis in the land of $220,000.e. None of the above.10. Rhonda and Marta form Blue Corporation. Rhonda transfers land (basis of $60,00 and fair market value of $180,000)for 50 shares plus $20,000 cash. Marta transfers $160,000 cash for 50 shares in Blue Corporation.a. Rhonda's basis in the Blue Corporation stock is $60,00.b. Blue Corporation's basis in the land is $55,000.c. Blue Corporation's basis in the land is $180,000.d. Rhonda recognizes a gain on the transfer of $125,000.c. None of the above.

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9. Albert transfers land (basis of S140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock Albert's basis in stock received is. a. Albert has a recognized gain on the transfer of$140,000. b. Albert has a basis of $140,000 c. Albert has a basis of $320,000. d. Gold Corporation has a basis in the land of $220,000. e. None of the above.

9. Albert transfers land (basis of S140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock Albert's basis in stock received is. a. Albert has a recognized gain on the transfer of$140,000. b. Albert has a basis of $140,000 c. Albert has a basis of $320,000. d. Gold Corporation has a basis in the land of $220,000. e. None of the above.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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