Question
Sam, Polly, Carmen, and Jen form Silver Corporation with the following consideration. Name Contributes Basis FMV #of shares Notes Sam Inventory $30,000 $90,000 30 Polly
Sam, Polly, Carmen, and Jen form Silver Corporation with the following consideration. Name Contributes Basis FMV #of shares Notes Sam Inventory $30,000 $90,000 30 Polly Equipment $45,000 $99,000 30 (1) Carmen Installment Note $15,000 $90,000 30 (2) Jen Land $40,000 $30,000 10 Notes: (1) Polly also receives $9,000 cash.
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IT Auditing Using Controls To Protect Information Assets
Authors: Chris Davis, Mike Schiller, Kevin Wheeler
3rd Edition
1260453227, 978-1260453225
