Answer:
$975
Explanation:
Use the following formula to calculate the Corporation's Tax basis in the property received in exchange
Corporation's Tax basis = Tax basis of Property transferred + Gain recognized
Where
Tax basis of Property transferred = $750
Gain recognized = 975 - $750 = $225
Placing values in the formula
Corporation's Tax basis = $750 + $225
Corporation's Tax basis = $975
Answer: Option B
Explanation: An incidental recipient is an individual or legal entity who's not a participant to an agreement and becomes an accidental recipient of a trust or agreement.
In comparison, some advantages in a contract are explicitly claimed to a planned recipient, although they are not yet party to the agreement themselves. Within certain situations, unintentional beneficiaries are not actually promised any such advantages but could gain from the deal.
Answer:
licensing agreement
Explanation:
Based on the scenario being described within the question it can be said that this agreement is an example of a licensing agreement. This term refers to a legal contract made between two different parties in which one agrees to let the other party manufacture and sell goods that belong to the first party as well as apply the first parties brand name or trademark. Such as is happening in this scenario.