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Natali5045456 [20]
3 years ago
15

Eileen transfers property worth $200,000, basis of $60,000, to Goldfinch Corporation. In return, she receives 82% of the stock i

n Goldfinch Corporation worth $180,000, and a ten year note, executed by Goldfinch and made payable to Eileen, worth $20,000. Eileen will recognize no gain on the transfer of:_______.
a. $190,000.
b. 50.
c. $20,000.
d. $10,000.
e. none of these cholces are correct.
Business
1 answer:
erica [24]3 years ago
3 0

Answer:

C. $20,000

Explanation:

Given the data below,

Property transfered = $200,000

Basis = $60,000

Return = 82℅

Fair market value = $180,000

Long term fair market value = $20,000

In the above scenario, we can safely say that Eileen realized gain of $140,000 on the transfer of property, which is due to;

Property worth $200,000 - basis $60,000 = $140,000.

However, because recognized gain cannot exceed the lesser of realized gain ($140,000) or the boot received ($20,000), the recognized gain is therefore $20,000

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2 years ago
Bistrol Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the f
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Answer:

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Explanation:

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First step

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Second step

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