1. Several years ago, Minjun, who is single, acquired § 1244 stock in Blue Corporation at a cost of $78,800. He sells the Blue stock for $7,880 in the current year.

Determine the amount and nature of Minjun's gain or loss recognized this year.

Minjun's sale of Blue Corporation stock produces a total loss of $fill in the blank 1 of which $fill in the blank 2 is treated as a capital loss

2. Adam transfers property with an adjusted basis of $50,000 (fair market value of $400,000) to Swift Corporation for 90% of the stock. The property is subject to a liability of $60,000, which Swift assumes.

If an amount is zero, enter "0".

a. What is the basis of the Swift stock to Adam?

Adam recognizes a gain of $fill in the blank 27191c026feaf8d_1and the basis of the Swift stock to Adam is $fill in the blank 27191c026feaf8d_2.

b. What is the basis of the property to Swift Corporation?

The basis of the property to Swift Corporation is $fill in the blank 9564b309dfb802d_1.

Answer rating: 100% (QA)

solution ans 1 Selling Price of Blue Corporation Stoc... View the full answer