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

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

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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)
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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.

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

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