Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 11, 2024

Matt transfers the following 3 assets to newly formed MN Corporation; in exchange, he received 80% of the stock of MN (FMV = $520,000). Assets

Matt transfers the following 3 assets to newly formed MN Corporation; in exchange, he received 80% of the stock of MN (FMV = $520,000).

AssetsAdj BasisFMVLand100,000160,000Equipment
420,000

Less Accum Dep:

(120,000)

300,000

220,000
Furniture
240,000

Less Accum Dep:

(60,000)

180,000

140,000
TOTALS= 580,000=520,000

What is the corporations basis of the furniture it received from Matt?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

8. A pond contains red and golden fish. There are 3000 red and 7000 golden fish, of which 200 and 500, respectively, are tagged. Find the probability that a random sample of 100 red and 200 golden...

Answered: 1 week ago

Question

★★★★★

Widgets are provided by a competitive constant-cost industry where each firm has fixed costs of $30. The following chart shows the industry-wide demand curve and the marginal cost curve of a typical...

Answered: 1 week ago

Question

★★★★★

Please help me with f and g tasks. I am not sure how to do it. C91 77 e. What is each project's MIRR at a cost of capital of 12% ? At r=18% ? Hint: note that B is a 6-year project. 78 79 80 @ 12%...

Answered: 1 week ago

Question

★★★★★

EFFECTIVELY INTEGRATING ESG VALUES INTO DEVELOPMENTS IOI Properties Group upholds environmental ethics through green efforts THE Paris Climate Agreement in 2015 and the United Nations (UN) Climate...

Answered: 1 week ago

Question

★★★★★

Write a simplified printf subroutine that takes a variable amount of arguments. The first ar- gument for your subroutine is the format string. The rest of the arguments are printed instead of the...

Answered: 1 week ago

Question

★★★★★

1.Provide at least five years of Free Cash Flow Projections for the Company to be used to determine and calculate the intrinsic value of the Company. 2.Calculate the Valuation of the Company using...

Answered: 1 week ago

Question

★★★★★

A man wants to ensure an inflation-adjusted income for 25 years of $100 per monthfor the first year, increasing 5% each year for the next 24 years, but starting in 15 years' time . All the payments...

Answered: 1 week ago

Question

★★★★★

Your company needs to use an equipment for a project. If you decide to purchase it, you need to pay $60,000 today and the maintenance cost is $10,000 every year for three years (the first payment is...

Answered: 1 week ago

Question

★★★★★

i need a three substantive paragraphs. Is your organization unaffected by the global pandemic, or has your organization had to fundamentally re-examine its mission, vision and strategic goals? At the...

Answered: 1 week ago

Previous Question Next Question