Question
Determine the basis of stock in the hands of the shareholder in each of the following instances. Assume that the 80% rule is met in
Determine the basis of stock in the hands of the shareholder in each of the following instances. Assume that the 80% rule is met in all cases.
Contribution of property with a basis of $1,900 and a FMV of $2,300.
Contribution of property with a basis of $4,800 and a FMV of $6,680. The stockholder also received $1,400 cash from the corporation as part of the stock transaction.
Contribution of property with a basis of $9,100 and a FMV of $14,300. The stockholder also received property with a FMV of $2,600 from the corporation as part of the stock transaction.
Contribution of a building with a FMV of $245,000, a mortgage (assumed by the corporation) of $145,000, and a basis of $215,000.
Contribution of a building with a FMV of $1,790,000, a mortgage (assumed by the corporation) of $1,090,000, and a basis of $680,000.
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