Basics of mortgage on the land

Reference no: EM13144873

Lynn transfers land having a $50,000 adjusted basis, an $80,000 FMV and $10,000 cash to Allied Corporation in exchange for 100% of Allied's stock. The corporation assumes the $70,000 mortgage on the land. How much is Lynn's recognized gain?

Reference no: EM13144873

Questions Cloud

How would the km of the mutated enzyme relate : Ornithine transcarbamoylase is a trimeric enzyme composed of identical subunits which catalyzes the synthesis of L-citrulline from carbamoyl phosphate and ornithine.

Dilution of the stock solution : prepare 10 ml of solution that represents a 4 fold dilution of the stock solution

Which cost flow method would result in jones paying least : Which cost flow method would result in inventories approximating current cost in the balance sheet? Which cost flow method would result in Jones paying the least taxes in the first year?

Probability point selects in twenty five feet of end of line : Assembly line from which to observe the work habits of the workers on the line. what is the probability that the point she selects within 25 feet of the end of the line?

Basics of mortgage on the land : Lynn transfers land having a $50,000 adjusted basis, an $80,000 FMV and $10,000 cash to Allied Corporation in exchange for 100% of Allied's stock. The corporation assumes the $70,000 mortgage on the land. How much is Lynn's recognized gain?

Assumption by cardinal corporation of a mortgage : Carl transfers land to Cardinal Corporation for 90% of the stock in Cardinal Corporation worth $20,000 plus a note payable to Carl in the amount of $40,000 and the assumption by Cardinal Corporation of a mortgage on the land in the amount of $100,..

Calculate the mass of solid iron produced : In a reaction 82.00 g of sodium reacts with 74.00g of ferric oxide to form sodium oxide and iron metal. calculate the mass of solid iron produced

Explain the movement of the hemoglobin subunits : Explain the movement of the hemoglobin subunits during the cooperative interactions with oxygen, starting with the binding of oxygen to iron. Further explain the consequences of this movement in terms of affinity for oxygen.

Prepare in good form a multiple-step income statement : Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year.

User Account

All Pages