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Gre4nikov [31]
3 years ago
8

Harry forms the Nectarine Corporation during the 2019 tax year. To form the corporation, Harry transfers assets having a fair ma

rket value of $650,000 to Nectarine Corporation for 100 percent of the corporation's stock. Harry's adjusted basis in the assets transferred was $350,000 and Nectarine Corporation assume a $200,000 mortgage on the assets. If the fair market value of the stock received by Harry is $450,000, what is his basis in the stock received from the corporation
Business
1 answer:
Maksim231197 [3]3 years ago
5 0

Answer:

150000

Explanation:

The question says that Harry received a fair market value = 450000 dollars

Meanwhile he transferred 650000 dollars of assets

Fair value of assets = 650000 - 200000 = 450000

Harry's adjusted basis = 350000

Therefore the share received will be:

350,000 - 200,000

= 150,000 dollars.

Harry's basis in the stock received from the corporation is $150,000.

Thank you!

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8 0
2 years ago
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koban [17]

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3. Rental costs of $5,000 per month plus $.30 per machine hour of use

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Sometimes, the segregation is also difficult, when the total cost is given.

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7 0
3 years ago
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Inga [223]

Answer:

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