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Problem - On January 4, 2019, Martin Corporation acquires two properties from a shareholder solely in exchange for stock in a transaction that qualifies under § 351. The shareholder's basis, the fair market value, and the built-in gain (loss) of each property are:
Shareholder's Basis
Fair Market Value
Built-In Gain (Loss)
Property 1
$300,000
$375,000
$ 75,000
Property 2
525,000
400,000
(125,000)
Net built-in loss
($ 50,000)
Martin adopts a plan of liquidation later in the year and distributes Property 2 to a 30% shareholder when the property is worth $350,000.
Required -
a. Compute Martin's basis in Property 1 and in Property 2 as of January 4, 2019.
b. Compute Martin's realized and recognized loss on the liquidating distribution of Property 2.
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