Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $180,200 and fair market value of $270,300).
Posted: Sun Jun 05, 2022 8:37 pm
Yvonne and Simon form Ion Corporation. Yvonne transfers
equipment (basis of $180,200 and fair market value of $270,300).
Simon invests $216,240 of cash. They each receive 100 shares in Ion
Corporation, worth $216,240, but Yvonne also receives $54,060 of
cash from Ion.
Calculate Ion Corporation's basis in the equipment and determine
Yvonne and Simon's basis in the Ion stock. Ion Corporation has a
basis of $234260 in the equipment. Yvonne has a basis of
$______________ for her stock and Simon has a basis of
$216,240 for his stock.
equipment (basis of $180,200 and fair market value of $270,300).
Simon invests $216,240 of cash. They each receive 100 shares in Ion
Corporation, worth $216,240, but Yvonne also receives $54,060 of
cash from Ion.
Calculate Ion Corporation's basis in the equipment and determine
Yvonne and Simon's basis in the Ion stock. Ion Corporation has a
basis of $234260 in the equipment. Yvonne has a basis of
$______________ for her stock and Simon has a basis of
$216,240 for his stock.