Mary and Todd from the MT Corporation, with a transfer of the following properties:

Mary $1,200,000 cash

Todd $800,000 FMV property

$300,000 tax basis

Mary will receive 60% and Todd 40% of the corporate stock.

Complete the following

Mary Todd

Realized gain ________ ________

Recognized gain ________ _________

Basis of stock _________ _________

MT basis in contributed asset __________ _________

VARIATION 2: Same as Variation 1 except Todds property is valued at $1,200,000 and is contributed subject to a liability of $400,000.

ACCT 540 Corporate Formation Problem Maryand Todd form the MT Corporation, with a transfer of the flowing properties Mary 51.200.000 Todd $800.000 FMV Bry $300.000 tab Mary will receive Go and Todos of the corporate stock Complete the following Realdan Recogidan Best of Stock Mbasis in costrud WRITION Return to original facts in Kartal Todd's property is walued $1,100,000 butis contributed subject to a $300.000 ability Complete the following Mari Todd Recognized pain Best of stock Mbasis in contributed WRITION 2: Same as Variation 1 except Todd's property is valued at $1.200,000 and is contributed subject to aby or 600,000