ACP AUDITING - RISK BASED APPROACH
10th Edition
ISBN: 9780357195079
Author: JOHNSTONE
Publisher: CENGAGE C
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- Joe transferred land worth $200,000, with a tax basis of $40,000, to JH Corporation, an existing entity, for 100 shares of its stock. JH Corporation has two other shareholders, Ethan and Young, each of whom holds 100 shares. With respect to the transfer:a. Joe has no recognized gain. b. JH Corporation has a basis of $160,000 in the land.c. Joe has a basis of $200,000 in his 100 shares in JH Corporation. d. Joe has a basis of $40,000 in his 100 shares in JH Corporation. e. None of the above.arrow_forwardI need help with this general accounting problem using proper accounting guidelines.arrow_forwardI am looking for the correct answer to this general accounting problem using valid accounting standards.arrow_forward
- accounting question?arrow_forwardThree individuals form JEY Corporation with the following contributions: Joe, cash of $50,000 for 50 shares; Ethan, land worth $20,000 (basis of $11,000) for 20 shares; and Young, cattle worth $9,000 (basis of $6,000) for 9 shares and services worth $21,000 for 21 shares. a. These transfers are fully taxable and not subject to § 351. b. Young’s basis in her stock is $27,000. c. Young’s basis in her stock is $6,000. d. Ethan’s basis in his stock is $20,000. e. None of the above.arrow_forwardNonearrow_forward
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