20

Packard Corporation transferred its 100 percent interest to State Company as part of a complete liquidation of the company. In the exchange, Packard received land with a fair market value of $345,000. Packard's basis in the State stock was $817,500. The land had a basis to State Company of $592,500. What amount of loss does State recognize in the exchange and what is Packard's basis in the land it receives? Multiple Choice $247,500 loss recognized by State and a basis in the land of $592,500 to Packard $247,500 loss recognized by State and a basis in the land of $345,000 to Packard No loss recognized by State and a basis in the land of $345,000 to Packard No loss recognized by State and a basis in the land of $592,500 to Packard Antoine transfers property with a tax basis of $560 and a fair market value of $630 to a corporation in exchange for stock with a fair market value of $583 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $47 on the property transferred. What is Antoine's tax basis in the stock received in the exchange? Multiple Choice $513 $630 $583 $560 Packard Corporation transferred its 100 percent interest to State Company as part of a complete liquidation of the company. In the exchange, Packard received land with a fair market value of $345,000. Packard's basis in the State stock was $817,500. The land had a basis to State Company of $592,500. What amount of loss does State recognize in the exchange and what is Packard's basis in the land it receives? Multiple Choice $247,500 loss recognized by State and a basis in the land of $592,500 to Packard $247,500 loss recognized by State and a basis in the land of $345,000 to Packard No loss recognized by State and a basis in the land of $345,000 to Packard No loss recognized by State and a basis in the land of $592,500 to Packard Antoine transfers property with a tax basis of $560 and a fair market value of $630 to a corporation in exchange for stock with a fair market value of $583 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $47 on the property transferred. What is Antoine's tax basis in the stock received in the exchange? Multiple Choice $513 $630 $583 $560