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Question - Martin, an individual, owns all 100 shares of Lewis Co. Martin's basis in these shares is $1 per share ($100 total).
1. Martin transfers 10 shares to Lewis in exchange for cash of 10. How will this transaction be treated for tax purposes?
2. Since Martin transfers his 10 shares with the same basis of the stock, there is no gain recognized for him, then no taxable income. However, if Martin and Lewis are not related parties, such as family member or partnership, the ownership of
3. Suppose instead that there are two unrelated shareholders, Dan, and Dick. Each owns 50 shares of X Co. Dan transfers all 50 shares to Lewis in exchange for cash of 50. How will this transaction be treated?
4. Same as (b) except that Dan and Dick are married. Would this change your answer?
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