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DanielleElmas [232]
3 years ago
9

Angie and Brad form Cats Are Us, Inc. Angie contributes $120,000 cash for 60% of the stock. Brad contributes an asset with an FM

V of $90,000 and an adjusted basis of $30,000 for 40% of the stock. Brad also receives $10,000 cash from the corporation. What is the corporation's basis in the asset received from Brad?
Business
1 answer:
insens350 [35]3 years ago
7 0

Answer:

$40,000

Explanation:

Calculation for the corporation's basis in the asset that was received

Using this formula

Corporation'sbasis in the asset received = Stock Adjusted basis + Cash received

Let plug in the formula

Corporation'sbasis in the asset received = $ 30,000 +$10,000

Corporation'sbasis in the asset received = $ 40,000

Therefore the Corporation'sbasis in the asset received will be $40,000

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3 years ago
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$52,435.00

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7 0
3 years ago
Which of the following choices is not a step that can reduce your spending?
monitta

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Explanation:

Hope that help you!!

4 0
3 years ago
As a firm's sales grow, its current assets also tend to increase. For instance, as sales increase, the firm's inventories genera
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Answer: True

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