eBook Exercise 1 8 - 1 9 ( Algorithmic ) ( L 0 . 1 , 2
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eBook
Exercise AlgorithmicL
Marie and Ramesh form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $ in exchange for shares of stock. Ramesh contributes an installment note receivable basis $; fair market value $ land basis $; fair market value $ and inventory basis $; fair market value $ in exchange for shares.
Determine Marie and Ramesh's current income, gain, or loss and calculate the basis that each takes in the Roundtree stock.
If an amount is zero, enter
Marie has income of $ and $ basis in her shares of stock. Ramesh has income of : and $ basis in his shares of stock.
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