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Find the corporation total basis for the transferred assets

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Problem - In year 1, Stone, a cash basis taxpayer, incorporated her CPA practice. No liabilities were transferred. The following assets were transferred to the corporation:

Cash (checking account) $500

Computer equipment:

Adjusted basis 30,000

Fair market value 34,000

Cost 40,000

Immediately after the transfer, Stone owned 100% of the corporation's stock. Find the corporation's total basis for the transferred assets?

a. $30,000

b. $30,500

c. $34,500

d. $40,500

Reference no: EM132645605

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