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please answer fast! 2 Qs thank you Hugo operated a sole proprietorship. This year, Hugo decided to incorporate the sole proprietorship. Hugo transferred a building,
please answer fast! 2 Qs thank you Hugo operated a sole proprietorship. This year, Hugo decided to incorporate the sole proprietorship. Hugo transferred a building, land, and inventory to the corporation in a $351 exchange, and, in return, Hugo received 100 percent of the corporation's stock. The below table outlines the adjusted basis and FMV for each asset that Hugo transferred. Adjusted FMV Basis Inventory$ 12,400 $ 18,250 Building 73,500 56,000 Land 69,000 39,000 Total $154,900 $113,250 The value of the stock Hugo received in the exchange is equivalent to the total value of the assets he contributed to the corporation What is Hugols stock basis? (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero If applicable.) Tax basis [The following information applies to the questions displayed below.) Lance contributed investment property worth $562,500 to Bike LLC (taxed as a partnership) in exchange for an 70 percent profits and capital interest in the LLC. Lance purchased the property Two years ago for $352,500 cash. Bike LLC owes $403,500 to its suppliers (nonrecourse debt) but has no other debts. What is Lance's outside basis? Tax basis
please answer fast! 2 Qs thank you
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