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Korvikt [17]
3 years ago
6

Jeremy operates a business as a sole proprietorship. The proprietorship uses the cash method of accounting. He decides to incorp

orate and transfers the assets and liabilities of the sole proprietorship to the newly formed corporation in exchange for its stock. The​ assets, which include​ $10,000 of accounts receivable with a zero​ basis, have a basis of​ $20,000 and an FMV of​ $40,000. The liabilities include accounts payable of​ $12,000, which will be deductible when​ paid, and a note payable on medical equipment of​ $7,000. Jeremy's basis for his stock is
Business
1 answer:
ollegr [7]3 years ago
8 0

Answer:

$13,000

Explanation:

Given that:

Jeremy operates a business as a sole proprietorship which uses a cash method of accounting. Now he is planning transfer them into a new corporation in  exchange for its stock.

The assets are :

$10,000 of accounts receivable with a zero​ basis

have a basis of​ $20,000  and an FMV of​ $40,000

Liabilities

payable of $12,000

The note payable on medical equipment is​ $7,000.

Therefore , Jeremy's basis for his stock is : $20,000 -$7,000 = $13,000

since  that will reduce the  basis by amount of the note payable.

The liabilities payable will be deducted and taken care of by the corporation.

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8 0
2 years ago
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