Scott incorporates his sole proprietorship as deluxe corporation and transfers its assets to deluxe in exchange for all 100 shares of deluxe stock and five $12,000 interest-bearing notes. The stock has a $110,000 fmv. The notes mature consecutively on the first five anniversaries of the incorporation date. The assets transferred are as follows:

ASSET INFORMATION:

ASSETS: ADJUSTED BASIS FMV

CASH 140000 15300 15300

MINUS: ACCUMULATED DEPRECIATION -80000 60000 95200

BUILDING 85000

MINUS: ACCUMULATED DEPRECIATION -60000 25000 40800

LAND 29700 18700

TOTAL 13000 170000

Fill in detail below:

CASH EQUIPMENT BUILDING LAND

Assets FMV

Percent of total FMV

Consideration received in exchange for a stock

Notes

Total proceeds

Minus: Adjusted basis

Realized gain (loss)

Boot received

Recognized gain (loss)

Character of gain (loss)

What is Scotts basis in Deluxe stock and notes?

Adjusted basis of property transferred to corporation $

Plus: Gain recognized by transferor $

Minus: FMV of boot received $

Adjusted basis of stock received $

What is Scotts basis in the notes?

What is Deluxe basis in the property received from Scott?

FMV Adj ba built-in gain (loss)

Cash

Equipment

Building

Land