Question: 4 Problem 5 (3 points): Jed and Mya form MY Corp. Jed transfers equipment (FMV $100,000; Basis $60,000; Subject to Debt of $50,000) In exchange

Problem 5 (3 points): Jed and Mya form MY Corp. Jed transfers equipment (FMV $100,000; Basis $60,000; Subject to Debt of $50,000) In exchange for 50% of the corporation's stock. The debt was incurred for valid business purposes. Mya transfers a small parcel of land (FMV $50,000; Basis $100,000) in exchange for 50% of the corporation's stock. What are the tax consequences to Jed and Mya on the transfer? b What is the basis of the contributed property to MY Corp?Problem 5 (3 points): Jed and Mya form MY Corp. Jed transfers equipment (FMV $100,000; Basis $60,000; Subject to Debt of $50,000) In exchange for 50% of the corporation's stock. The debt was incurred for valid business purposes. Mya transfers a small parcel of land (FMV $50,000; Basis $100,000) in exchange for 50% of the corporation's stock. What are the tax consequences to Jed and Mya on the transfer? b What is the basis of the contributed property to MY Corp

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