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Ghella [55]
3 years ago
9

Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $110,000 and fair market value of $165,000). Simon i

nvests $130,000 of cash. They each receive 100 shares in Ion Corporation, worth $130,000, but Yvonne also receives $35,000 in cash from Ion. Ion Corporation has a basis of $__________ in the equipment. Yvonne has a basis of $______________- for her stock and Simon has a basis of $fill in the blank 3 for his stock.
Business
1 answer:
Allushta [10]3 years ago
4 0

Answer:

$145,000;$110,000;$130,000

Explanation:

Based on the information given the Corporation has a basis of the amount of $145,000 in the equipment calculated as ( Basis of the amount of $110,000+ Cash Received of the amount of $35,000) . Secondly Yvonne has a basis of the amount of $110,000 for her stock which is calculated as (basis in equipment of the amount of $110,000- Boot received of the amount of $35,000+ the lesser of the amount realized as gain which is $35,000) and lastly Simon has a basis of the amount of $130,000 for his stock which represent the cash Contributed by Simon.

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Answers

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