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How much gain or loss or income does calvin recognize

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QUESTION - Amanda and Calvin form Quail Corporation. Amanda transfers equipment with an adjusted basis of $30,000, fair market value of $50,000, for 50% of the stock, worth $50,000. Calvin transfers equipment with an adjusted basis of $45,000, fair market value of $50,000, and service worth $500,000 for the remaining 50% of the stock. How much gain or loss or income does Calvin recognize in this transaction, if any, and what is his basis in the contribution of his equipment to Quail Corporation?

Reference no: EM132950238

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