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Dewey, Cheathem, Anh, and Howe formed Integrity Co., a cC corporation. The shareholders made the following contributions to the corporation in exchange for stock on
Dewey, Cheathem, Anh, and Howe formed Integrity Co., a cC corporation. The shareholders made the following contributions to the corporation in exchange for stock on January 2, Year1 Percent Stock Shareholder Contributions $20,000 in cash, property worth $60,000 ($40,000 basis) $10,000 in cash, property worth $50,000 ($30,000 basis), Shareholder Ownership Dewey 40% Cheathem 20% with related assumed recourse liability of $20,000 Anh 25% Property worth $60,000 ($50,000 basis), received $10,000 in cash from Integrity Co. Howe 15% $10,000 in cash, property worth $40,000 ($5,000 basis) with a related assumed recourse liability of $20,000 Complete the table below by entering the appropriate amounts for each item. Enter gains as positive values and losses as negative values. If a value is zero, enter a $ Integrity Co Tax Basis in Noncash Shareholder Tax Shareholder Shareholder Shareholder Basis in Co Stock Realized Gain Recognized Gain Property Received Dewey Cheathem $ Anh Howe
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