Question: Adam transfers property with an adjusted basis of 50 000 fair

Adam transfers property with an adjusted basis of $50,000 (fair market value of $400,000) to Swift Corporation for 90% of the stock. The property is subject to a liability of $60,000, which Swift assumes.
a. What is the basis of the Swift stock to Adam?
b. What is the basis of the property to Swift Corporation?


$1.99
Sales16
Views1062
Comments
  • CreatedMay 25, 2015
  • Files Included
Post your question
5000