Quiz 2 - Available: A339/539 Quiz 02a, Basics of...

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Available: A339/539 Quiz 02a, Basics of Transferring Property to a Corporation (30  minutes)    Points Possible  10  Points Earned  8  Points Missed  2  Points Ungraded  0  Score  80.0% 1. (T/F)  N established L Corporation by transferring property worth $100,000 (basis  $25,000) to the corporation for all of its stock. N’s basis in the stock received is  the same as the corporation’s basis for the property, $25,000. Response: TRUE Answer: TRUE  Points: 1 / 1 2. (T/F)  During the year, R and S established T Corporation, which issued 100  shares of stock. R transferred land worth $9,000 (basis $8,000) to the  corporation for 90 shares of stock while S contributed services worth $1,000 for  10 shares of stock. Neither R nor S must recognize income due to their  respective transfers. Response: FALSE Answer: FALSE  Points: 1 / 1 3. (T/F)
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Quiz 2 - Available: A339/539 Quiz 02a, Basics of...

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