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please answer these questions 1-6 Flores. Lamonica, Stabler. Plunkett & Gannon incorporate their partnership. Each member makes the following contributions to the new corporation Raiders
please answer these questions 1-6
Flores. Lamonica, Stabler. Plunkett & Gannon incorporate their partnership. Each member makes the following contributions to the new corporation Raiders QB. Inc. ("Raiders, Inc.) A) Flores contributes his real estate (basis of $190,064 and FMV of $340,982) for 8,217 shares of Raiders, Inc stock, worth $317.000. The corporation also assumed his $65.330 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 $47,000 cash. The corporation also assumed Lamonica's $62,000 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 15,446 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 $O, 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 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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