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i just need help with letter d. Thanks. a. 30. LO.1 Dan Knight and Patricia Chen, who are good friends, form Crane Corporation. Dan transfers
i just need help with letter d. Thanks. a. 30. LO.1 Dan Knight and Patricia Chen, who are good friends, form Crane Corporation. Dan transfers land (worth $200,000, basis of $60,000) for 50% of the stock in Crane, Patricia transfers machinery (worth $150,000, adjusted basis of $30,000) and provides services worth $50,000 for 50% of the stock. Will the transfers qualify under $ 351? Explain. b. What are the tax consequences to Dan and Patricia? What is Crane Corporation's basis in the land and the machinery? d. Enter the results of this transaction to Patricia on her Form 1040 (use the most current form available). Assume Patricia is single, has no other income, and claims the standard deduction ($12,000 for 2018; $12,200 for 2019). Complete W the Form 1040 to the taxable income line. C
i just need help with letter d. Thanks.
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