Find the information for each shareholder

Reference no: EM132212311

Question: Alex, Bob, Clark, and David formed Enterprise Co. a C corporation. They made the following contritbutions in exchange for stock. Alex - $20,000 in cash, property worth 60,000 (40,000 basis) Bob -$10,000 in cash, property worth 50,000 (30,000 basis) with related assumed recourse liablity of 20,000 Clark - Property worth $60,000 ($50,000 basis), received $10,000 in cash from Integrity Co. David - $10,000 in cash, property worth $40,000 (5000 basis) with a related assumed recourse liability of 20,000 Find the following information for each shareholder.

1. Shareholder Tax Basis in Stock

2. Shareholder Realized Gain

3. Shareholder Recognized Gain

4. Enterprise Co Tax Basis in Noncash Property Received

Question does not provide tax rate. Provide the values for each item before tax rate is applied.

Alex 1. 2. 3. 4. Bob 1. 2. 3. 4. Clark 1. 2. 3. 4. David 1. 2. 3. 4.

Reference no: EM132212311

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