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shepuryov [24]
3 years ago
13

Allen transfers marketable securities with an adjusted basis of $120,000, fair market value of $300,000, for 85% of the stock of

Heron Corporation. In addition, he receives cash of $40,000. Allen recognizes a capital gain of $40,000 on the transfer.tRUE/FALSE
Business
1 answer:
julia-pushkina [17]3 years ago
5 0

Answer:

True

Explanation:

The reason is that it is transfering marketable securities for another marketables securities which are subject to a change of values as the previous one. Only the amount received in cash was realized thus, that is the amount of gain Allen will recognize as capital gain

The other part is unrealized gain until this shares are sold point atwhich, Allen which check for how much is the realized gain/loss in the transaction

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6) Acceptability: Although the worth of cows is intrinsic, some might not consider bovine animals as property. Men, however, are more than willing to accept bills worth 20 cents. In fact, your right to use US currencies to settle bills is protected by the US government.

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