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D Question 51 2 pts Iquestion 8 of 8) On November 1, 2019, Andrea, Dorian, Erin, and Femand form Camphor Inc. as follows: Shareholder Contribution
D Question 51 2 pts Iquestion 8 of 8) On November 1, 2019, Andrea, Dorian, Erin, and Femand form Camphor Inc. as follows: Shareholder Contribution to Corporation FMV Basis to Shareholder # Shares Other Property Received (by Stock Rec'd (by shareholder) shareholder) Land $30,000 $12,000 Andrea Building $70,000 $38,000 4002 (debt relief-see footnote 1) Mortgage (see footnote 1) (see footnote 1) Dorian Equipment $40,000 $25,000 300 $10,000 cash Erin Truck $10,000 $15,000 50 $5,000 cash Femand Accounting Services $10,000 SO 100 None 1 The mortgage is $60,000 and was obtained to purchase the land and the building. 2 Hint: the FMV of the stock is $100 per share. . Assuming instead that Erin does make the election to reflect any deferred loss in the basis of property contributed to Camphor, what is Erin's bosis in the stock received, and what is Camphor's basis in the truck contributed by Erin? O $5,000 basis in stock: $10,000 basis in truck : $10,000 basis in stock: $5,000 basis in truck $10.000 basis in stock: 515,000 basis in truck O $5,000 basis in stock: $15.000 basis in truck
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