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Please answer Q1 only Hores, Lamonica, Stabler, Plunkett, & Gannon incorporate their partnership. Each member makes the following contributions to the new corporation, Raiders On
Please answer Q1 only
Hores, Lamonica, Stabler, Plunkett, & Gannon incorporate their partnership. Each member makes the following contributions to the new corporation, Raiders On Inc. ("Raiders, Inc.) ^ Hores contributes his real estate (basis of $190,061 and FMV of $340,982) for 8.217 shares of Raiders, Inc stock worth $317.000. The corporation also assumed his 565,330 of business debts. B) Lamonica contributes his copyright (basis of $220,000, FMV of $365,000) for 6,054 shares of Raiders, Inc stock, worth $371.000, and received $17,000 cash. The corporation also assumed Lamonica's 562,000 business mortgage. Stabler contributes his motor home (basis of $247.923 FMV of $202,000) for 8,312 shares of Raiders, Inc stock worth $220,000. The corporation also gave Stabler a brand new 2018 BMW, worth $154,130, D) Plunkett contributes his law library (basis of $280,000, FMV of $473,000) in exchange for 15,416 shares of Raiders, Inc. stock worth $373,000, and received $144,000 cash. E) Gannon contributes his contributes his landscaping services to the corporation (basis of $0, FMV of $68,000), for 5,932 shares of Raiders, Inc stock worth $155,000. The corporation also assumed his $87,000 mortgage, which Gannon took in order to pay his past due gambling losses to the MGM Grand Hotel. 1 Using the spreadsheet below, calculate the following (7 points each) 1) Raiders basis in the motor home contributed by Stabler 2) Plunkett's realized & recognized gains, if any. 3) Flores' basis in his Raiders stock. 4) Stabler's realized & recognized gains, if any, 5) Raiders' basis in the law library contributed by Plunkett. 6) Stabler's basis in his Raiders stock Step by Step Solution
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