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Anni [7]
3 years ago
14

Carlos transfers property with a tax basis of $965 and a fair market value of $1,135 to a corporation in exchange for stock with

a fair market value of $995 and $67 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $73 on the property transferred. What is the corporation's tax basis in the property received in the exchange
Business
1 answer:
nexus9112 [7]3 years ago
8 0

Answer:

$1,032

Explanation:

Calculation for the corporation's tax basis in the property received in the exchange

Based on the information given we were been told that he made a transfer of property with a TAX BASIS of the amount of $965 which as well include a FAIR MARKET VALUE of the amount of $67 which simply indicates or means that the amount of $1,032 ($965+$67) is the tax basis amount of the property that was received in the exchange.

Tax BASIS =Tax basis +Fair market value

Tax BASIS=$965+$67

Tax BASIS=$1,032

Therefore the corporation's tax basis in the property received in the exchange will be $1,032.

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2 years ago
Early in 2022, Stevenson Incorporated switched to a JIT (just-in-time) inventory system. Financial information for the two most
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5 0
3 years ago
Abused children live in families of all socioeconomic levels, races, nationalities, and religious groups, although child abuse i
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Answer:

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6 0
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