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Three individuals form Samson Corporation with the following contributions: Craig, cash of $50,000 for 50 shares; Brandon, land worth $20,000 (basis of $11,000) for 20
Three individuals form Samson Corporation with the following contributions: Craig, cash of $50,000 for 50 shares; Brandon, land worth $20,000 (basis of $11,000) for 20 shares; and Russ, cattle worth $9,000 (basis of $7,500) for 9 shares and services worth $21,000 for 21 shares.
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Russ basis in his stock is $28,500.
Brandons basis in his stock is $20,000.
These transfers are fully taxable and not subject to 351.
Russ basis in his stock is $7,500.
None of these.
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