George and Nancy form EB Corporation. George transfers land (basis of $100 and fair market value of S110) for 10 shares plus $10 cash. Nancy transfers $5 cash for 2 shares in EB Corporation, what gains do george and Nancy recognize, what is the stock basis
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George and Nancy form EB Corporation. George transfers land (basis of $100 and fair market value of S110) for 10 shares plus $10 cash. Nancy transfers $5 cash for 2 shares in EB Corporation, what gains do george and Nancy recognize, what is the stock basis
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- George and Nancy form EB Corporation. George transfers land (basis of $100 and fair market value of S110) for 10 shares plus $10 cash. Nancy transfers $5 cash for 2 shares in EB Corporation, what gains do george and Nancy recognize, what is the stock basisAnn and Bob form Robin Corporation. Ann transfers property worth $420,000 (basis of $150,000) for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $165,000 (basis of $30,000) and for legal services (worth $15,000) in organizing the corporation. ations What gain or income, if any, will the parties recognize on the transfer? b. What basis do Ann and Bob have in the Robin Corporation stock? What is Robin Corporation's basis in the property and services it received from Ann and Bob? a. C.George and Nancy form EB Corporation. George transfers land (basis of $100 and fair market value of $110) for 10 shares plus $10 cash. Nancy transfers $5 cash for 2 shares in EB Corporation. Provide information about recognized gain and stock basis]
- María and Bob form Robin Corporation. María transfers property worth $100,000 with a basis of $35,000 for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $40,000 with a basis of $8,000 and legal services worth $4,000 in organizing the corporation. If there is no gain or loss, enter "0" for the amount. a. What gain or income, if any, will the parties recognize on the transfer? María recognizes María has a basis of $ b. What basis do María and Bob have in the Robin Corporation stock? of $ 1 Robin Corporation has a basis of $ Bob recognizes and Bob has a basis of $ c. What is Robin Corporation's basis in the property and services it received from María and Bob? in the property Bob transferred. in the stock. in the property María transferred and a basis ofMaría and Bob form Robin Corporation. María transfers property worth $130,000 (basis of $45,500) for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $52,000 (basis of $10,400) and for legal services (worth $5,200) in organizing the corporation. If there is no gain or loss, enter "O" for the amount. a. What gain or income, if any, will the parties recognize on the transfer María recognizes no capital gain or loss of $............. Bob. recognizes ordinary income of $...? b. What basis do María and Bob have in the Robin Corporation stock? María has a basis of $....., and Bob has a basis of $..............the stock. c. What is Robin Corporation's basis in the property and services it received from María and Bob? Robin Corporation has a basis of $............ the property María transferred and a basis of $........ in the property Bob transferred.María and Bob form Robin Corporation. María transfers property worth $420,000 with a basis of $150,000 for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $165,000 with a basis of $30,000 and legal services worth $15,000 in organizing the corporation. If there is no gain or loss, enter "0" for the amount. a. What gain or income, if any, will the parties recognize on the transfer? María recognizes no gain or loss Feedback of $ Bob recognizes ordinary income of $ Check My Work Section 351 is mandatory if a transaction satisfies the provision's requirements. The three requirements for nonrecognition of gain or loss under § 351 are that (1) property is transferred (2) in exchange for stock and (3) the property transferors are in control of the corporation after the exchange. b. What basis do María and Bob have in the Robin Corporation stock? María has a basis of $ Feedback Check My Work Incorrect , and Bob has a basis of $ 420,000 X in the stock. c. What is Robin…
- María and Bob form Robin Corporation. María transfers property worth $420,000 (basis of $150,000) for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $15,000 (basis of $3,000) and for legal services (worth $165,000) in organizing the corporation. a. What gain or income, if any, will the parties recognize on the transfer? María recognizes no gain or loss X of $ a gift X of $ 165,000 ✓. b. What basis do María María has a basis of $ 0 X and Bob recognizes a gain and Bob have in the Robin Corporation stock? 150,000 X, while Bob has a basis of $ 45,000 X in the stock. ✓of $ c. What is Robin Corporation's basis in the property and services it received from María and Bob? Robin Corporation has a basis of $ Bob transferred. 150,000 X in the property María transferred and a basis of $ 15,000 X and has 30,000 X in the propertyBob and Bill form Star Corporation with the following investments. Bob transfers machinery (basis of $36,000 and fair market value of $74,000) and Bill transfers land (basis of $19,000 and fair market value of $52,000) and services rendered (worth $22,000) in organizing the corporation. Each is issued 25 shares in Star Corporation. With respect to the transfers: Bill has a basis of $41,000 in the 25 shares he acquires in Star Corporation. Star Corporation has a basis of $41,000 in the land transferred by Bill. Bob has no recognized gain; Bill recognizes income/gain of $55,000. Neither Bob nor Bill has recognized gain or income on the transfers. None of these.Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $244,600 and fair market value of $366,900). Simon invests $293,520 of cash. They each receive 100 shares in Ion Corporation, worth $293,520, but Yvonne also receives $73,380 in cash from Ion. Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the Ion stock. Ion Corporation has a basis of $fill in the blank 1 in the equipment. Yvonne has a basis of $fill in the blank 2 for her stock and Simon has a basis of $fill in the blank 3 for his stock.
- Antoine, Becky, and Colleen form ABC Corporation by contributing the following items in exchange for stock in ABC Corporation: Adjusted Basis Fair Market Value of property given of property given Shares of Stock Received Antoine: Cash $ 30,000 $30,000 Equipment 300,000 420,000 4500 shares Becky: Land $100,000 $480,000 3000 shares* Mortgage 150,000 (150,000) Colleen: Services $0 $ 50,000 500 shares Additional information: Colleen has…24) Individuals Opal and Ben form OB Corporation. Opal transfers land and a building with a $550,000 adjusted basis and a $625,000 FMV in exchange for 50% of the stock of the OB Corporation worth $610,000 and a $15,000 note. Ben transfers cash of $625,000 for 50% of the stock worth $610,000 and a note of the OB Corporation valued at $15,000. Opal's basis in the stock received is A) $560,000. B) $625,000. C) $610,000. D) $550,000.Determine the amount of income, gain or loss (if any) that Elaine has from this transaction.