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Question - Huppe and Heeter decide to form a new corporation - H2O Meetings and Incentives Corp. Huppe contributes property with a tax basis of $2 million and a fair market value of $5 million, in exchange for 1,000 shares of H2O Meetings and Incentives stock and $1,000,000 of cash (H2O Meetings and Incentives borrows the cash from a financial institution). Heeter contributes property with a tax basis of $1.1 million and a fair market value of $1.5 million in exchange for 200 shares of H2O Meetings and Incentives stock and $500,000 of cash. Each share of H2O Meetings and Incentives stock is worth $5,000. Assume that this corporate formation meets the requirements of I.R.C. Section 351 (Huppe and Monty control 80% of H2O Meetings and Incentives after the exchange).
Required -
How much taxable gain or loss will Huppe recognize as a result of the transaction?
What basis will Huppe take in the H2O Meetings and Incentives stock he receives?
How much taxable gain or loss will Heeter recognize as a result of the transaction?
What basis in Heeter's property will H2O Meetings and Incentives Corp. take?
What basis will Heeter take in the H2O Meetings and Incentives stock he receives?
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