Thomas, the sole shareholder of Price Corporation, has a basis of $825,000 in his stock. He exchanges
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Thomas, the sole shareholder of Price Corporation, has a basis of $825,000 in his stock. He exchanges his Price Corporation stock for $975,000 of Roland Corporation voting common stock plus land with a fair market value of $200,000 and a basis of $92,000. Price Corporation distributed the land to Thomas. Assume that this exchange qualifies under Code Section 368. What should be the basis in Roland Corporation stock for Thomas from the reorganization? Give reference.
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts
ISBN: 9781305399884
39th Edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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