Find amount and character of noras recognized gain

Assignment Help Financial Accounting

Reference no: EM1376548

Transfer of Depreciable Property:

Nora transfers to Needle Corp depreciable machinery initially costing $18,000 and now having a $15,000 adjusted basis. In exchange, Nora receives all 100 shares of Needle stock having an $18,000 FMV and a three-year Needle note having a $4,000 FMV.

A) Find the amount and character of Nora's recognized gain or loss?

B) What are Nora's bases in Needle stock and note?

C) What is Needles's basis in machinery?

Reference no: EM1376548

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