Al owned all of the outstanding stock of abc corporation al

Assignment Help Accounting Basics

Reference no: EM13593815

Al owned all of the outstanding stock of ABC Corporation. Al transferred a building, cash, and IBM stock to ABC Corporation. The adjusted basis and the fair market value of the assets transferred to ABC Corporation, and the amount remaining on the mortgage on the building transferred, were as follows. A building was transferred by Al to ABC Corporation that had an adjusted basis to Al of $20,000, a fair market value of $50,000, and a mortgage of $40,000, that was assumed by the corporation, cash in the amount of $10,000 was transferred, and IBM stock with an adjusted basis to Al of $15,000 and a fair market value of $12,000. In exchange for the assets transferred to ABC Corporation, Al received additional stock of ABC Corporation. How much gain did Al recognize as a result of this transaction?

Reference no: EM13593815

Questions Cloud

Ue transferred a building to her newly formed corporation : sue transferred a building to her newly formed corporation rstu inc. the building had an adjusted basis to sue of 75000

Estimate by what percentage g directly above the pocket of : the center of a 1.50km diameter spherical pocket of oil is 1.50km beneath the earths surface. estimate by what

Bob created mno inc several years ago and has owned all 10 : bob created mno inc. several years ago and has owned all 10 outstanding shares of mno inc. since the creation of mno

Two hockey players are traveling at velocities of v1 13 ms : two hockey players are traveling at velocities of v1 13 ms and v2 -19 ms when they undergo a head-on collision. after

Al owned all of the outstanding stock of abc corporation al : al owned all of the outstanding stock of abc corporation. al transferred a building cash and ibm stock to abc

A 2 kg mass hangs motionless from a partially stretched : a 2 kg mass hangs motionless from a partially stretched spring having a spring constant of 177 nm. what is the

A mirror on the passenger side of your car is convex and : a mirror on the passenger side of your car is convex and has a radius of curvature with magnitude 18.0cm. another car

Grace herron has just approached a venture capitalist for : grace herron has just approached a venture capitalist for financing for her new business venture the development of a

Work of 600 j is done by stirring and insulated beaker : work of 600 j is done by stirring and insulated beaker containing 100 gm of water?what is the internal enery of the

User Account

All Pages