George transfers the following (assume it is a 351), what is his stock basis? Land (basis $40,000 and FMV of $100,000) Notes payable on land for land improvements ($25,000) He also gets back $10,000 in cash from transfer Oa. $15,000 Ob. Zero Oc $30,000 Od $40,000 Oe $5,000

George transfers the following (assume it is a 351), what is his stock basis? Land (basis $40,000 and FMV of $100,000) Notes payable on land for land improvements ($25,000) He also gets back $10,000 in cash from transfer Oa. $15,000 Ob. Zero Oc $30,000 Od $40,000 Oe $5,000

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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Question

George transfers the following (assume it is a 351), what is his stock basis?
Land (basis $40,000 and FMV of $100,000)
Notes payable on land for land improvements ($25,000)
He also gets back $10,000 in cash from transfer
O a. $15,000
O b. Zero
Oc $30,000
Od $40,000
Oe $5,000

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