Determine the basis of stock in the hands of the shareholder in each of the following instances. Assume that the 80% rule is met in all cases. Required: Contribution of property with a basis of $3,000 and an FMV of $3,400. Contribution of property with a basis of $7,000 and an FMV of $10,200. The stockholder also received $2,500 cash from the corporation as part of the stock transaction. Contribution of property with a basis of $10,200 and an FMV of $16,500. The stockholder also received property with an FMV of $3,700 from the corporation as part of the stock transaction. Contribution of a building with an FMV of $300,000, a mortgage (assumed by the corporation) of $200,000, and a basis of $325,000. Contribution of a building with an FMV of $1,900,000, a mortgage (assumed by the corporation) of $1,200,000, and a basis of $735,000.
Determine the basis of stock in the hands of the shareholder in each of the following instances. Assume that the 80% rule is met in all cases. Required: Contribution of property with a basis of $3,000 and an FMV of $3,400. Contribution of property with a basis of $7,000 and an FMV of $10,200. The stockholder also received $2,500 cash from the corporation as part of the stock transaction. Contribution of property with a basis of $10,200 and an FMV of $16,500. The stockholder also received property with an FMV of $3,700 from the corporation as part of the stock transaction. Contribution of a building with an FMV of $300,000, a mortgage (assumed by the corporation) of $200,000, and a basis of $325,000. Contribution of a building with an FMV of $1,900,000, a mortgage (assumed by the corporation) of $1,200,000, and a basis of $735,000.
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