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Roan incorporates his sole proprietorship as Bargain Corporation and transfers its assets to Bargain in exchange for all 100 shares of Bargain stock and five

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Roan incorporates his sole proprietorship as Bargain Corporation and transfers its assets to Bargain in exchange for all 100 shares of Bargain stock and five $10,000 interest-bearing notes. The stock has a(n) $90,000 FMV. The notes mature consecutively on the first five anniversaries of the incorporation date. The assets transferred are as follows: Click the icon to view the asset information) Read the requirements Requirement a. What are the amounts and character of Roan's recognized gains or losses? Complete the table to determine the amount and character of Roan's recognized gain or loss for each asset type. If an asset does not have a gain or loss, select "NA" for the character type. (Round the percentages to the nearest whole percent and dollar amounts to the nearest whole dollar. Use parentheses or a minus sign for losses. Complete all answer boxes. For amounts with a so balance, make sure to enter "O" in the appropriate cell.) Cash Equipment Building Land Asset's FMV 9800 71400 35000 23800 Percent of total FMV 51% 25% 17% Consideration received in exchange for asset: Stock Notes Total proceeds 9800 71400 35000 23800 90000 20000 55200 Minus: Adjusted basis Realized gain (1918) Boot received Recognized gain (1) Character of gain (los) Roan incorporates his sole proprietorship as Bargain Corporation and transfers its assets to Bargain in exchange for all 100 shares of Bargain stock and five $10,000 interest-bearing notes. The stock has an) $90,000 FMV. The notes mature consecutively on the first five anniversaries of the incorporation date. The assets transferred are as follows: Click the icon to view the asset information) Read the requirements Requirement a. What are the amounts and character of Roan's recognized gains or losses? Complete the table to determine the amount and character of Roan's recognized gain or loss for each asset type. If an asset does not have a gain or loss, select "NA" for the character type. (Round the percentages to the nearest whole percent and dollar amounts to the nearest whole dollar. Use parentheses or a minus sign for losses. Complete all answer boxes. For amounts with a So balance, make sure to enter "0" in the appropriate cell.) Cash Equipment Bulleting Land Asset's FMV 9800 71400) 35000 23800 Percent of total FMV 51% 25% 17% Consideration received in exchange for asset: Stock Notes 9800 35000 23800 71400 90000 20000 55200 Total proceeds Minus: Adjusted basis Realized gain (los) Boot received Recognized gain (less) Character of gain (1918) X X Asset information Assets Cash Equipment Minus: Accumulated depreciation Building Minus: Accumulated depreciation Land Adjusted Basis FMV $ 9,800 $ 9,800 $ 120.000 (90.000) 30,000 71,400 $ 90,000 (70,000) 20.000 35,000 55,200 23,800 $115.000 $ 140,000 Total Print Done

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