Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $295,000 in return...
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Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $295,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for 50 percent of the corporation's stock: Building Land Total FMV $ 110,625 258,125 $368,750 Adjusted Tax Basis $ 29,500 118,000 $ 147,500 To equalize the exchange, Wiley Corporation paid Hermione $73,750 in addition to her stock. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Required I What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Building Adjusted tax basis S Land < Required D Required F > Required J Complete this question by entering your answers in the tabs below. Required A Required 8 Required C Required D Required E Required F Required G Required H Required I Required J Assume Hermione's adjusted tax basis in the land was $295,000. What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Land Adjusted tax basis Building < Required F Required H > Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Reqhired H Required I Assume Hermione's adjusted tax basis in the land was $368,750. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Gain or loss realized Gain or loss recognized $ $ Required J Show less A Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Assume Hermione's adjusted tax basis in the land was $368,750. What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Building Adjusted tax basis Land Required I Required J Ramona and Hermione formed Wiley Corporation on January 2. Ramona contributed cash of $295,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for 50 percent of the corporation's stock: Building Land Total FMV $ 110,625 258,125 $368,750 Adjusted Tax Basis $ 29,500 118,000 $ 147,500 To equalize the exchange, Wiley Corporation paid Hermione $73,750 in addition to her stock. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Required I What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Building Adjusted tax basis S Land < Required D Required F > Required J Complete this question by entering your answers in the tabs below. Required A Required 8 Required C Required D Required E Required F Required G Required H Required I Required J Assume Hermione's adjusted tax basis in the land was $295,000. What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Land Adjusted tax basis Building < Required F Required H > Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Reqhired H Required I Assume Hermione's adjusted tax basis in the land was $368,750. What amount of gain or loss does Hermione realize on the formation of the corporation? What amount, if any, does she recognize? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Gain or loss realized Gain or loss recognized $ $ Required J Show less A Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F Required G Required H Assume Hermione's adjusted tax basis in the land was $368,750. What adjusted tax basis does Wiley Corporation take in the land and building received from Hermione? Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Building Adjusted tax basis Land Required I Required J
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The adjusted tax basis that Wiley Corporation takes in the land and building received from Hermione ... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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