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Unformatted text preview: 1. Version 1-Prob 8b7ac5eb8cf5e370aa68084a4624cf6596bb6feb.xls Page 1 of 4 Transfer of Assets to Controlled Corporation- Version 1 Ted owned land which he invested in Good Corporation. Stock ownership (in the corporation) received by Ted 100% Ted's basis in the land contributed to the corporation $800,000 FMV of the land Ted contributed to the Corporation $1,200,000 Mortgage on land (assumed by Good Corporation). $300,000 Value of corporate stock received by Ted $900,000 What is the amount of Ted's realized gain? What is the amount of Ted's recognized gain? What is Ted’s basis in the stock received? What is Good Corporation’s recognized gain? What is Good Corporation’s basis in the land? Formula for Gain or loss Page Value received by Stockholder: Value of stock received by Stockholder Value of other assets received Decrease in stockholder's debt Total value received Basis of Assets Given by Stockholder: Cash given by Stockholder Basis of other assets given Total basis given by Stockholder Gain realized by Stockholder 593 Gain Recognized by Stockholder 593 Basis in Stock received by Stockholder Basis of Asset given by Stockholder Add: Boot Paid Less: Boot Received Add: Gain Recognized by Stockholder Basis of Stock Received by Stockholder 593 Corporation's basis in asset received Stockholder's basis in property Add: Stockholder's Recognized Gain Corporation's Basis - New Asset 593 1. Version 1-Sol 8b7ac5eb8cf5e370aa68084a4624cf6596bb6feb.xls8b7ac5eb8cf5e370aa68084a4624cf6596bb6feb....
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This note was uploaded on 03/09/2012 for the course ACCT 4220 taught by Professor Burton during the Spring '08 term at UNC Charlotte.
- Spring '08