15 Ann's basis in her stock? Ann's stock basis - $ 200 1. What is Irene's basis in her stock? Irene's stock basis - S P o. Kevin and Nicole Form Indian corporation with the following Cransters: inventory Fre e 360.000 and fair market value of $400,000) and improvedret t e from Nicole (basis $320,000 and fair market value $375.000) Nicole, an accountant agrees to contribute her services worth $25,000) in Organizing Indigo. The corporation's stoet distributed equally to Kevin and Nicole. How much income if anys recognized by Nicole? Income recognize by Nicole - $ 9. Ronald, a cash basis taxpayer, incorporates his sole proprietorship. He transfers the following items to newly created Robin Corporation. Adjusted Fair Market Basis Value $ 10,000 $ 10,000 Cash 100,000 160,000 Building 120,000 120,000 Mortgage payable (secured by the building) There was a bona-fide business purpose for the mortgage (ie, "exception 1" does not apply). What is Ronald's basis in his stock? Ronald's basis in stock - $ Dividend income - $ The following facts apply to questions 15 and 16. a calendar year taxpayer) has on January 1, 2009, Gull Corporation (a calendar year taxpo accumulated E&P of $200,0 murated E&P of $200,000. During year 2009, Gull incurs a net loss of $300,000 from operations that accruel 500,000 from operations that accrues ratably. For year 2009, no adjustments are required for computing current E& P. on 2009, mid-point of the year, Gull distributes $120,000 to Sharon, its sole shareholder, who has a basis in her stock of $85,000. 15. How much dividend income is recognized by Sharon? Dividend income to be recognized - $ What is the basis in Sharon's stock after the cash distribution? 16. Sharon's stock basis = $ The following facts apply to questions 17 - 19. Blue Corporation distributes property to its sole shareholder, Zeke. The property has a fair market value of $450,000, an adjusted basis of