Question
2016 CCH Federal TaxationComprehensive Topics Mr. Trent transferred three apartment buildings to a new corporation in exchange for all its stock. The facts pertaining to
2016 CCH Federal TaxationComprehensive Topics
Mr. Trent transferred three apartment buildings to a new corporation in exchange for all its stock. The facts pertaining to the buildings were:
| Building | Basis | Value | Mortgage | Recapture Potential |
| 1 | $10,000 | $100,000 | $60,000 | $0 |
| 2 | 15,000 | 80,000 | 0 | 5,000 |
| 3 | 20,000 | 30,000 | 0 | 4,000 |
- What gains are realized and recognized on each building? What is the character of the gains?
- What is the corporations basis in each building?
- What is Mr. Trents basis in his stock?
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Operational Risk Management
Authors: Mark D Abkowitz
1st Edition
0470256982, 9780470256985
