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Tax Drill - Section 351 Nominal Property Janice and Thom form Level Corporation. Janice transfers equipment (worth $60,000, basis of $40,000) for 50% of the stock in Level. Thom transfers inventory (worth $20,000, adjusted basis of $15,000) and provides services worth $40,000 for 50% of the stock. If an amount is zero, enter "0". Because this transaction does not meet the control of the corporation requirement, Janice has income of $ 0 and Thom has income of $ 40,000 Tax Drill - Basis Adjustment In a transaction qualifying under $ 351, Kelcy transfers the following assets to Connor Corporation in exchange for all of its stock: equipment (basis $200,000; fair market value $180,000), land (basis $65,000; fair market value $80,000) and machinery (basis $100,000; fair market value $95,000). The alternative approach is not elected. Connor Corporation has a basis of: $ 192,000 in the equipment, $ 65,000 in the land, and $ 98,000 in the machinery. Kelcy recognizes no gain or loss on the transfer. Kelcy's has a basis of $ 365,000 for his stock. Exercise 18-22 (LO. 1, 2, 3) Diego transfers real estate with an adjusted basis of $260,000 and fair market value of $350,000 to a newly formed corporation in exchange for 100% of the stock. The corporation assumes the liability on the transferred real estate in the amount of $300,000 Determine Diego's recognized gain on the transfer and the basis for his stock. If amount is zero, enter "0". 40,000 and a basis of $ Diego has a recognized gain on the transfer of $ o for his stock Tax Drill - Section 357(b) Ester transfers land (basis of $200,000 and fair market value of $355,000) to a controlled corporation in return for stock in the corporation. However, shortly before the transfer, Ester mortgages the land and uses the $25,000 proceeds to meet personal obligations. Along with the land, the mortgage is transferred to the corporation. Ester has a realized gain on the transfer of $ 155,000 and a recognized gain of $ 25,000 Exercise 18-20 (Algorithmic) (LO. 1) Grady exchanges qualified property, basis of $37,000 and fair market value of $44,400, for 60% of the stock of Eadie Corporation. The other 40% of the stock is owned by Pedro, who acquired it five years ago. Calculate Grady's current income, gain, or loss and the basis he takes in his shares of Eadie stock as a result of this transaction. Because this transaction meets the control of the corporation requirement, Grady has a gain $ 7,400 and $ 44,400 basis in his shares of stock. of Tax Drill - Section 351 Nominal Property Janice and Thom form Level Corporation. Janice transfers equipment (worth $60,000, basis of $40,000) for 50% of the stock in Level. Thom transfers inventory (worth $20,000, adjusted basis of $15,000) and provides services worth $40,000 for 50% of the stock. If an amount is zero, enter "0". Because this transaction does not meet the control of the corporation requirement, Janice has income of $ 0 and Thom has income of $ 40,000 Tax Drill - Basis Adjustment In a transaction qualifying under $ 351, Kelcy transfers the following assets to Connor Corporation in exchange for all of its stock: equipment (basis $200,000; fair market value $180,000), land (basis $65,000; fair market value $80,000) and machinery (basis $100,000; fair market value $95,000). The alternative approach is not elected. Connor Corporation has a basis of: $ 192,000 in the equipment, $ 65,000 in the land, and $ 98,000 in the machinery. Kelcy recognizes no gain or loss on the transfer. Kelcy's has a basis of $ 365,000 for his stock. Exercise 18-22 (LO. 1, 2, 3) Diego transfers real estate with an adjusted basis of $260,000 and fair market value of $350,000 to a newly formed corporation in exchange for 100% of the stock. The corporation assumes the liability on the transferred real estate in the amount of $300,000 Determine Diego's recognized gain on the transfer and the basis for his stock. If amount is zero, enter "0". 40,000 and a basis of $ Diego has a recognized gain on the transfer of $ o for his stock Tax Drill - Section 357(b) Ester transfers land (basis of $200,000 and fair market value of $355,000) to a controlled corporation in return for stock in the corporation. However, shortly before the transfer, Ester mortgages the land and uses the $25,000 proceeds to meet personal obligations. Along with the land, the mortgage is transferred to the corporation. Ester has a realized gain on the transfer of $ 155,000 and a recognized gain of $ 25,000 Exercise 18-20 (Algorithmic) (LO. 1) Grady exchanges qualified property, basis of $37,000 and fair market value of $44,400, for 60% of the stock of Eadie Corporation. The other 40% of the stock is owned by Pedro, who acquired it five years ago. Calculate Grady's current income, gain, or loss and the basis he takes in his shares of Eadie stock as a result of this transaction. Because this transaction meets the control of the corporation requirement, Grady has a gain $ 7,400 and $ 44,400 basis in his shares of stock. of