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Incorporation of Plummet Company

Plummet Company is created with the following asset contributions. John and Jill are equal owners in this new business venture.

Shareholder	Assets	Basis	Fair Market Value
John	Cash Services	$100,000 50,000	$100,000 50,000
Jill	Land	40,000	200,000*

*The land is subject to a liability in the amount of $50,000 that the Company assumes.

Questions:

• Does the above transaction qualify as a Sec. 351 exchange? Show your computations.
• Compute shareholder basis in the shares received in the exchange.
• Prepare a tax balance sheet for Plummet Company.
• Are there any benefits to the owners and company if this transaction is considered to fall under Sec. 351?

SLP Assignment Expectations

Answer all questions and support your answers with computations. The discussion and analysis should be 2-3 pages long with references in APA format.

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