Marie and Ramesh's current income, gain, or loss and the basis that each takes in the Roundtree stock are: $175,200. $175,200, $0, $475,640.
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Current income, gain, or loss and the
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Marie has a basis equal to fair market value of $175,200.
Ramesh has no recognized gain on the receipt of stock reason being that all of the consideration that Ramesh transfers to Roundtree stock qualifies as property. Hence, Ramesh gain is $0.
Ramesh basis:
Ramesh basis=$25,000 + $50,000 + $400,640
Ramesh basis=$475,640
Hence:
Marie has income of $175,200 and $175,200 basis in her 400 shares
of stock and Ramesh has income of $0 and $475,640 basis in her 1600 shares of stock.
Inconclusion Marie and Ramesh's current income, gain, or loss and the basis that each takes in the Roundtree stock are: $175,200. $175,200, $0, $475,640.
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