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Yogi transferred the following assets to the BlueRock Corporation (a calendar year C corporation): Asset Basis FMV Land $ 25,000 $ 5,000 Building 25,000 45,000
Yogi transferred the following assets to the BlueRock Corporation (a calendar year C corporation):
Asset Basis FMV
Land $ 25,000 $ 5,000
Building 25,000 45,000
Yogi received all of the BlueRock stock worth $30,000, cash of $10,000 and a promissory note for $10,000. The transaction qualifies under Section 351.
Required
1) Calculate Yogi's gain or loss realized on the exchange.
2) Calculate Yogi's gain or loss recognized on the exchange.
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