Question
Jim has the following assets and liabilities that he transferred into ABC Corporation in exchange for $80,000 in cash and 90% of the stock in
Jim has the following assets and liabilities that he transferred into ABC Corporation in exchange for $80,000 in cash and 90% of the stock in ABC Corp, (FMV of $220,000). Calculate Jims recognized gain on the transfer
| Adjusted Basis | FMV | |
| Building | $ 210,000 | $ 225,000 |
| Equipment | $ 45,000 | $ 75,000 |
| Vehicles | $ 25,000 | $ 30,000 |
| Mortgage on building | $ 20,000 | $ 30,000 |
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Virtual Remote Audit From Planning To Implementation
Authors: Roland Scherb
2nd Edition
3754301667, 978-3754301661
