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Brad and Joanne form Yathers Corporation. Brad transfers land (basis of $30.000 and fair market value of $70,000) and Joanne invests cash ($60,000). They each
Brad and Joanne form Yathers Corporation.
Brad transfers land (basis of $30.000 and fair market value of $70,000) and Joanne invests cash ($60,000). They each received 100 shares in Yathers Corporation, worth $60,000 ($120,000 in total stock value between the two), but Brad also receives a car from Yather corporation (FMV of $10,000 and a basis to the corporation of $3,000 right before the transfer to Brad) in the transaction. How much taxable income, if any, does Brad have in the transaction above?
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