FREE Trial

Jocelyn contributes land with a basis of $60,000 and fair market value of $90,000 and inventory with a basis of

Question:

Jocelyn contributes land with a basis of $60,000 and fair market value of $90,000 and inventory with a basis of $5,000 and fair market value of $8,000 in exchange for 100% of Zion Corporation stock. The land is subject to a $15,000 mortgage. Determine Jocelyn's recognized gain or loss and the basis in the Zion stock received.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 50% (14 reviews)

Jocelyns contribution of property to Zion Corporation is tax deferred …View the full answer


answer-question
Answered By
tutor-profile-image
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details. PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+ 3+ Reviews 10+ Question Solved
Related Book For  answer-question
South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts

South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts

ISBN: 9781305399884

39th Edition

Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young

See More Books
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: September 09, 2015 06:40:22
See More Questions

Students also viewed these Business Law questions

Q:
1. [Preferred stock] Pin Corporation owns 20% of Sob Corporation's preferred stock and 80% of its common stock. Sob's stock outstanding on December 31, 2011, is as follows: 10% cumulative preferred...
A:
1 a Sob income to preferred 20 000 20 owned 4 000 Sob income to com......
Q:
At the formation of the BD Partnership, Betty contributes land with a basis of $10,000 and a FMV of $30,000 and Dick contributes cash of $30,000. Betty and Dick share profits and losses equally. When...
A:
a 10 000 Computation of the Recognize......
Q:
Fawn contributes undeveloped land with a basis of $15,000 and a fair market value of $90,000 to the Deer Partnership for a 25% interest in the partnership. What is Fawns share of the partnerships...
A:
A partnership is a conduit entity Fawn s share of the partnership income loss flows through the part......
Q:
Rewrite these sentences to eliminate buzzwords and figures of speech. A. Also, through SCMC and by also gaining a membership in ISM, certification opportunities will be at your fingertips. B. The...
A:
A By participating in SCMC and gaining a membership in ISM......
Q:
How should estate plan documents be maintained?
A:
Documents such as a will living will and power of attor......
Q:
A new furnace for your small factory will cost $27,000 a year to install and will require ongoing maintenance expenditures of $1,500 a year. But it is far more fuel- efficient than your old furnace...
A:
a b Using Excel IRR 31 37 c Cumulative cash flows are positive after year 4 d The equi......
Q:
(M B) [E (C I)] Identify the main operator in the following propositions.
A:
In the given proposition M B E C I The main operator is the......
Q:
World-Tec Company sells electronics over the internet. The international division is organized as a cost center. The budget for the international Division for the month ended March 31, 2012, is as...
A:
1 WORLD TEC COMPANY Budget Performance Report x Director International Division For the Month Ended......
Q:
As a great ABC employee you just got promoted to oversee a new mission. You were asked to help coordinate the coordination of the new interns and to build a collaboration strategy to enhance...
A:
1 Collaboration Strategy The collaboration strategy will focus on facilitating knowledge and expertise sharing between the interns and their respective departments This will be achieved through a comb......
Q:
A small, private company is contemplating an initial public offering (IPO) in which they will sell 40,000 shares of stock. The price of the stock at the IPO is uncertain, with the following...
A:
Solution Given that Small company is contemplating an nitial public off......
Q:
Grady exchanges qualified property, basis of $12,000 and fair market value of $18,000, for 60% of the stock of Eadie Corporation. The other 40% of the stock is owned by Pedro, who acquired it five...
A:
The transaction does not qualify under 351 because Grady does not control Eadie......
Q:
Martin transfers real estate with an adjusted basis of $260,000 and fair market value of $350,000 to a newly formed corporation in exchange for 100% of the stock. The corporation assumes the...
A:
Martins transfer of real estate to the corporation is a 351 transaction However because h......
Q:
Use the fact that 1 m 3 equals 1,000,000 cm 3 to make the conversion. 0.25 m 3 to cubic centimeters.
A:
0 25 m......
Q:
Mobile service providers (i.e., Telecommunication Companies, or TELCOs in short) that helped trigger the explosive growth of the industry in the mid- to late-1990s have long reaped the benefits of...
A:
What are the main challenges for TELCOs Telecommunication companies TELCOs face a range of challenges in the competitive industry including Customer Retention TELCOs must work to retain their existing......
Q:
Delta Lloyd Group is a financial services provider based in the Netherlands. It offers insurance, pensions, investing, and banking services to its private and corporate clients through its three...
A:
Improving Accuracy and Efficiency in Financial Reporting Financial services organizations like Delta Lloyd Group can improve accuracy and efficiency in financial reporting through several means a Auto......
Q:
Through customer service, resource optimization, and the innovative use of information and technology, the Michigan Department of Technology, Management & Budget (DTMB) impacts every area of...
A:
Why would a state invest in a large and expensive IT infrastructure such as an EDW States invest in large and expensive IT infrastructures like Enterprise Data Warehouses EDWs for several compelling r......
Q:
In the spring of 2012, leadership at MultiCare Health System (MultiCare)a Tacoma, Washingtonbased health systemrealized the results of a 12-month journey to reduce septicemia. The effort was...
A:
The Role of Data Warehousing in Healthcare Systems Data warehousing plays a crucial role in healthcare systems by providing a centralized and organized repository for storing managing and analyzing va......
Q:
Founded in 1960, the Dallas Cowboys are a professional American football team headquartered in Irving, Texas. The team has a large national following, which is perhaps best represented by the NFL...
A:
1 The Dallas Cowboys used information visualization as a means to gain more visibility into their data particularly in their Merchandising Division In......
Q:
Explain the difference between an algebraic vector and a position vector.
A:
Algebraic vectors are mainly related to the coordinate systems It helps to......
Q:
Conduct a VRIO analysis by ranking Husson University (in Maine) business school in terms of the following six dimensions relative to the top three rival schools. If you were the dean with a limited...
A:
On analyzing Value Rarity Imitability Organization VRI......
Q:
Texas International Speedway, Inc. (TIS), filed a registration statement and prospectus with the Securities and Exchange Commission offering a total of $4,398,900 in securities to the public. The...
A:
Antifraud provisions Judgment for Huddleston Section 10 b of the......
Q:
Melvin J. Ford, president of International Loan Network, Inc. (ILN), promoted ILNs financial enrichment programs to ILN members and prospective members with evangelical fervor at revival-style...
A:
Definition of security Applying the Supreme Courts test for an investment contract to the Maximum Co......
Q:
The auditing firm of Timm, Schmidt & Co. prepared annual financial statements for Clintonville Fire Apparatus, Inc. (CFA). CFA showed these statements to Citizens State Bank and asked for loans. On...
A:
Accountants liability to third parties The absence of privity......
Treatment Of Movement Disorders, An Issue Of Neurologic Clinics 1st Edition - ISBN: 0323709923 - Free Book