Myra and Bob form a corporation. Myra receives 75% of the stock (worth $75,000) in exchange...

 

Transcribed Image Text:

Myra and Bob form a corporation. Myra receives 75% of the stock (worth $75,000) in exchange for land worth $75,000. Her basis in the land was $60,000. Bob receives 25% of the stock (worth $25,000) for services. (а) How much gain or loss does Myra recognize? (b) What's her basis in her stock? (c) What's the corporation's basis in the land? (d) How much gain or loss does Bob recognize? (e) What's his basis in his stock? Myra and Bob form a corporation. Myra receives 75% of the stock (worth $75,000) in exchange for land worth $75,000. Her basis in the land was $60,000. Bob receives 25% of the stock (worth $25,000) for services. (а) How much gain or loss does Myra recognize? (b) What's her basis in her stock? (c) What's the corporation's basis in the land? (d) How much gain or loss does Bob recognize? (e) What's his basis in his stock?

Answer rating: 100% (QA)

ca Goin lor loss 15000 4 60000 15000 1500... View the full answer