69.A shareholder transfers machinery (basis $80,000 and fair market value $70,000) and cash of $20,000 in exchange for 85% of a corporations stock (worth $45,000)

and property (basis $25,000 and fair market value $60,000). What is the shareholders basis after the exchange?

A. $55,000 B. $100,000 C. $85,000 D. $40,000

An individual contributes property with a basis of $15000, and fair market value of $20000 to a corporation in return for 80% of the corporation's stock. The individual's stock basis after the transfer is:

A. 15,000 B. 20,000 C. 35,000 D. 0

An individual contributes two properties to a corporation in a 351 exchange. The first property has a basis of $50000, and fair market value of $70000. The second property has a basis of $80000, and fair market value of $85000. The second property is subject to a mortgage of $40000. The individual's stock basis after the transfer is:

A. 130000B. 120000C. 155000D.90000

72.An individual contributes property and cash of $15000 to a corporation in a 351 exchange. The individual is the sole shareholder. The property has a basis of $15000, and a fair market value of $50000. The corporation then elects to be taxed as an S-corporation. At the end of the S-corporation's first year, it has non-separately stated income of $50000. What is the shareholder's basis in the s-corporation after year 1?

A. 30000B. 80000C. 50000D.0