In 2018, Thomas transferred land he bought in 2009 worth ($ 100,000) to Andy Co. in return
Question:
In 2018, Thomas transferred land he bought in 2009 worth \(\$ 100,000\) to Andy Co. in return for 50 shares of stock. The land has an adjusted basis of \(\$ 30,000\) and is subject to a \(\$ 50,000\) mortgage. The transfer is part of a qualified Code Sec. 351 transfer (Thomas is one of several transferors). What are the tax consequences to Thomas?
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Tax consequences to Thomas 1 Section 351 treatment Since the transfer ...View the full answer
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Related Book For 
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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