Question
9. One shareholder who contributed land (fmv $100,000, basis $40,000, $50,000 mortgage assumed by corporation) in setting up her corporation. Show tax result to shareholder
9. One shareholder who contributed land (fmv $100,000, basis $40,000, $50,000 mortgage assumed by corporation) in setting up her corporation. Show tax result to shareholder and corporation.
10. One shareholder. E&P is $100,000. Corporation redeems 20 of his 100 shares for $40,000. Each share has a basis of $1,000. Show the tax result to shareholder.
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Financial Accounting
Authors: Tony Davies, Ian Crawford
1st Edition
0273723073, 9780273723073
