Question

Roscoe contributes a personal use asset with an adjusted basis of $15,000 and a fair market value of $28,000 on the contribution date. Determine if any gain or loss is recognized and the basis under the following circumstances.
a. Roscoe contributes the asset to a sole proprietorship.
b. Roscoe contributes the asset to a partnership for 10% interest.
c. Roscoe contributes the asset to a corporation for 25% interest. (Assume § 351 control requirement is satisfied.)


$1.99
Sales1
Views146
Comments0
  • CreatedSeptember 09, 2015
  • Files Included
Post your question
5000