C12-Chp-04-3A-Transfer-Assets-to-Corp-Worksheet -...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Tab:Problem File: a52fb9094252f9c55cad90bbd3046bf87eb8a244.xls Page 1 of 2 Transfer of Assets to Controlled Corporation in Exchange for Stock Jon started a new corporation called J-Corp. Jon transferred land worth $100,000 to J-Corp. Jon received 100% of the stock in J-Corp. Facts Case A Case B Case C Jon's adjusted basis in the land. $60,000 $60,000 $60,000 Fair Market Value (FMV) of the land. $100,000 $100,000 $100,000 Debt on land - assumed by J-Corp. $0 $48,000 $70,000 Jon's Realized Gain? $40,000 $40,000 $40,000 Jon's Recognized Gain? $0 $0 $10,000 Jon's basis in the J-Corp Stock? $60,000 $12,000 $12,000 J-Corp's gain realized? $0 $0 $0 J-Corp's gain recognized? $0 $0 $0 J-Corp's basis in the property? $60,000 $60,000 $70,000 Transfer of Property to Corp. for Stock 1 Gain or loss to stockholder §351(b) Value of all consideration received: J-Corp. Stock Mortgage assumed by J-Corp. Minus: Jon's Basis in Land Land Gain Realized Gain Recognized: Lesser of gain realized or boot received (include excess debt) §357(c)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

Page1 / 2

C12-Chp-04-3A-Transfer-Assets-to-Corp-Worksheet -...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online