Chapter 13 Fall 11

Chapter 13 Fall 11 - Burkett Tax 1 Chapter 13 1 ABCD...

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Burkett – Tax 1 – Chapter 13 1 ABCD Corporate Formation (C or S Corp) Shareholder Transferred Transferor Shareholder/Transferor % of Stock Transferor Assets/Liabilities Adj. Basis FMV Consideration Received Owned A Land $ 10,000 $60,000 100 Shs ABCD Corp Stock 33 1/3 (10,000) Note receivable from ABCD 5 0 , 0 0 0 B Equipment 60,000 50,000 100 Shs ABCD Corp Stock 33 1/3 C Cash 25,000 25,000 50 Shs ABCD Corp Stock 16 2/3 Net FMV of contributions by property contributors 125,000 250 Shs 8 3 1 / 3 D Services ? ?_______ 50 Shs ABCD Corp Stock 16 2/3 3 0 0 S h s 1 0 0 % Net FMV of contributions by all contributors $________ Does this qualify for non recognition of gain/loss by property transferors? Fair market value of shares? Fair market value of services?
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2 Corporations (C or S): 351 Transfer – Gain Realized/Recognized by Shareholder Gain Realized by Transferor : A B C D FMV of Stock Received Money (Boot) Received FMV Nonmoney Boot Received Liabilities Relieved Amount Realized Less Basis of Property Transferred ( ) ( ) ( ) ( ) Gain Realized Gain Recognized by Transferor
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This note was uploaded on 02/22/2012 for the course ACCT 403 taught by Professor White during the Fall '11 term at South Carolina.

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Chapter 13 Fall 11 - Burkett Tax 1 Chapter 13 1 ABCD...

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