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Flauer [41]
3 years ago
11

Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100

percent of the corporation’s stock. The property transferred to the corporation had the following fair market values and adjusted bases: FMV Adjusted Basis Inventory $ 10,000 $ 4,000 Building 50,000 30,000 Land 100,000 50,000 Total $ 160,000 $ 84,000 The fair market value of the corporation’s stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ramon. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.) c. What is Ramon’s basis in the stock he receives in his corporation?
Business
1 answer:
olasank [31]3 years ago
6 0

Answer:

Ramon’s basis in the stock he receives in his corporation is $84,000

Explanation:

The computation of Ramon’s basis in the stock received in his corporation would be $84,000 as this amount reflect the adjusted basis of the assets transferred to the corporation.  

These assets include inventory, building, and land. So, the total amount of the total assets would be received i.e based on an adjusted basis, not the fair market value  

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3 0
3 years ago
You want a seat on the board of directors of Four Keys, Inc. The company has 240,000 shares of stock outstanding and the stock s
Ganezh [65]

Answer:

$3420057

Explanation:

the company uses cumulative voting, the board of directors are all elected at once. You will need 1/(N+ 1) percent of the stock (plus one share) to guarantee election, where N is the number of seats up for election. So, the percentage of the company’s stock you need will be:Percent of stock needed = 1 / (N+ 1)Percent of stock needed =

1 / (3 + 1)Percent of stock needed = .25 or 25%So, the number of shares you need to purchase is:Number of shares to purchase = (240,000 × .25) + 1Number of shares to purchase = 60,001 And the total cost to you will be the shares needed times the price per share, or: Total cost = 60,001  $57Total cost =$ 3420057

8 0
3 years ago
Leo is a welfare recipient who qualifies for two means-tested cash benefit programs. If he does not earn any income, he receives
lubasha [3.4K]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

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6 0
3 years ago
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3 years ago
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APR on a loan may be adjusted based on a borrower’s

credit history

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3 years ago
Read 2 more answers
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