Alan, Baker, and Carr formed Dexter Corporation during 2013. Pursuant to the incorporation agreement, Alan transferred...
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Alan, Baker, and Carr formed Dexter Corporation during 2013. Pursuant to the incorporation agreement, Alan transferred property with an adjusted basis of $30,000 and a fair market value of $45,000 for 450 shares of stock, Baker transferred cash of $35,000 in exchange for 350 shares of stock, and Carr performed services valued at $25,000 in exchange for 250 shares of stock. Assuming the fair market value of Dexter Corporation stock is $100 per share, what is Dexter Corporationes tax basis for the property received from Alan? A Oso B O$30,000 O$45,000 D O$65,000 C. Alan, Baker, and Carr formed Dexter Corporation during 2013. Pursuant to the incorporation agreement, Alan transferred property with an adjusted basis of $30,000 and a fair market value of $45,000 for 450 shares of stock, Baker transferred cash of $35,000 in exchange for 350 shares of stock, and Carr performed services valued at $25,000 in exchange for 250 shares of stock. Assuming the fair market value of Dexter Corporation stock is $100 per share, what is Dexter Corporationes tax basis for the property received from Alan? A Oso B O$30,000 O$45,000 D O$65,000 C.
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Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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