le (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $243,200; fair market value $304,000) in exchange for 1,600 shares. Determine Marie and Ramesh's current income, gain, or loss and calculate the basis that each takes in the Roundtree stock. If an amount is zero, enter "0".
Marie and Ramesh form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $126,000 in exchange for 400 shares of stock. Ramesh contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $243,200; fair market value $304,000) in exchange for 1,600 shares.
Determine Marie and Ramesh's current income, gain, or loss and calculate the basis that each takes in the Roundtree stock.
If an amount is zero, enter "0".
Marie has income of $fill in the blank 1_______? and $fill in the blank 2________? basis in her 400 shares of stock. Ramesh has income
of $fill in the blank 3_____? and $fill in the blank 4______? basis in his 1,600 shares of stock.
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