1. Jay transfers land worth $10,000 to a corporation for all the shares. Jay's adjusted basis in the land was $3,000. Jay's gain realized is and Jay's gain recognized is.

2. What are the requirements for a taxpayer to be able to defer gain on the transfer of assets to a corporation in exchange for the stock? (Give all 5 requirements)

3. What or who is treated as a person for tax purposes? Answer in alphabetical order:

4. Sara performs services for a corporation and receives stock worth $20,000 which represents 20% of the stock. Henry transfers land worth $80,000 with a basis of $15,000 for 80% of the stock. Did Sara transfer property to the corporation?

a. What is Sara's basis in the land?

b What is Sara's holding period in the stock?

5. H transfers land to a corporation Z in exchange for stock. With respect to the stock:

a) Who is the transferor
b) Who is the transferee

Answer rating: 100% (QA)

1 Jays gain realized is 7000 and Jays gain recognized is 7000 2 The requirements for a taxpayer ... View the full answer