Larry formed sleuth corporation in order to incorporate the

Reference no: EM13593832

Larry formed Sleuth Corporation in order to incorporate the detective agency business that he had been operating for several years as a sole proprietorship. Larry transferred to Sleuth Corporation the detective agency's accounts receivable with an adjusted basis to Larry of $0 and a fair market value of $6,000, and the office condominium that Larry owned outright and from which he had operated the detective agency that had an adjusted basis to Larry of $30,000, a fair market value of $62,000, and as to which there was a mortgage payable of $34,000, which was assumed by the corporation. Also transferred to the corporation were accounts payable in the amount of $3,000.

In exchange for the assets transferred, Larry received 100 percent of the stock of the corporation. Which of the statements regarding the tax consequences of the transaction is accurate?

Reference no: EM13593832

Questions Cloud

What is the maximum energy of the electrons emitted when : when the wavelength of an incident radiation exceeds 560nm the emission of photoelectrons from a surface ceases. what

Abc inc had current earnings and profits of 50000 when it : abc inc. had current earnings and profits of 50000 when it distributed to an individual shareholder land that the

The plane passes through the point 151 and is perpendicular : question the plane passes through the point 151 and is perpendicular to the planes 2x y - 2z 2 and x 3z 4 what is

Two 325-microf capacitors are connected in series across : two 3.25-microf capacitors are connected in series across the terminals of a 50.0-hz ac generator that has a peak

Larry formed sleuth corporation in order to incorporate the : larry formed sleuth corporation in order to incorporate the detective agency business that he had been operating for

A glass is half-full of water with a layer of vegetable oil : question a glass is half-full of water with a layer of vegetable oil n 1.47 floating on top. a ray of light traveling

You place a small lightbulb 70 cm from a concave mirror : you place a small lightbulb 70 cm from a concave mirror and find a real image 17 cm from the mirror. where should you

What is the wavelength at which the peak occurs in the : the temperature of your skin is approximately 36oc.what is the wavelength at which the peak occurs in the radiation

A flat observation screen is placed at a distance of 45 m : a flat observation screen is placed at a distance of 4.5 m from a pair of slits. the separation on the screen between

User Account

All Pages