For seven years, Monaco Corporation has been owned entirely by Stacy and Monique, who are husband and

Question:

For seven years, Monaco has been owned entirely by Stacy and Monique, who are husband and wife. Stacy and Monique have a $165,000 basis in their jointly owned Monaco stock. The Monaco stock is Sec. 1244 stock. They receive the following assets in of their $25,000 FMV; a car, $16,000 FMV; office furniture, $6,000 FMV; and $5,000 cash.
a. What are the amount and character of their gain or loss?
b. How would your answer change if the instead had a $140,000 FMV?
c. What is the Monaco’s basis for each property received in the in Parts a and b? Accounts Receivable
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