Vivian and her daughter Ivy have been working together in a spa called Viva Bien. Vivian formed
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Vivian and her daughter Ivy have been working together in a spa called "Viva Bien". Vivian formed the business in 2001 as a sole proprietorship. The business has become very successful over the years and Vivian's tax accountant is recommending that she incorporate the business. Business assets have a fair market value of $550,000 and a basis of $280,000. Vivian would like to give shares of stock to Ivy, because of her participation in the business.
What are the relevant tax issues?
Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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