Seth, Pete, Cara, and Jen form Kingfisher Corporation with the following consideration: Consideration Transferred From Seth-...

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Seth, Pete, Cara, and Jen form Kingfisher Corporation with the following consideration: Consideration Transferred From Seth- Inventory Number of Basis to Fair Market Shares Transferor Value Issued $30,000 $96,000 30* From Pete- Equipment ($30,000 of depreciation taken by Pete in 45,000 99,000 30** prior years) From Cara- Proprietary process 15,000 90,000 30 From Jen- Cash 30,000 30,000 10 *Seth receives $6,000 in cash in addition to the 30 shares. **Pete receives $9,000 in cash in addition to the 30 shares. The value of each share of Kingfisher stock is $3,000. Seth, Pete, Cara, and Jen form Kingfisher Corporation with the following consideration: Consideration Transferred From Seth- Inventory Number of Basis to Fair Market Shares Transferor Value Issued $30,000 $96,000 30* From Pete- Equipment ($30,000 of depreciation taken by Pete in 45,000 99,000 30** prior years) From Cara- Proprietary process 15,000 90,000 30 From Jen- Cash 30,000 30,000 10 *Seth receives $6,000 in cash in addition to the 30 shares. **Pete receives $9,000 in cash in addition to the 30 shares. The value of each share of Kingfisher stock is $3,000.