Recognized gain-basis in the stock

Assignment Help Accounting Basics

Reference no: EM13149773

Dave formed Shull Company and transferred land ($100,000 fair market value; $40,000 adjusted basis) and equipment ($50,000 fair market value; $10,000 adjusted basis) in exchange for 100 shares of stock. Shull Company assumes the $45,000 mortgage on the land as part of the transfer. What is Dave's recognized gain? What is his basis in the stock?

Reference no: EM13149773

Questions Cloud

What is soroush income elasticity of demand for good : What is Soroush’s income elasticity of demand for Good 1? C. What is Soroush’s income elasticity of demand for Good 2?

Journal entries to record transaction-perpetual inventory : Berry Corporation pays 6% for its borrowed funds. Flynn Company, however, pays 8% for its borrowed funds. The product sold is carried on the books of Berry at a manufactured cost of $570,000. Assume Berry uses a perpetual inventory system.

Explain oxidized during the reaction : Balance the following equation in basic solution. indicate which reactant becomes oxidized during the reaction, which reactant becomes reduced

How much have global trade and global production : How much have global trade and global production (gross national income) grown since World War II? What parts of the world economy have grown fastest in the last 20 years? (Be able to name some countries)

Recognized gain-basis in the stock : Shull Company assumes the $45,000 mortgage on the land as part of the transfer. What is Dave's recognized gain? What is his basis in the stock?

What is the capitalized cost of bridge at an interest rate : The annual maintenance cost is estimated to be $100K. A major renovation at a cost of $50M is required every 100 years. What is the capitalized cost of the bridge at an interest rate of 5%?

High blood levels of triglycerides are thought to partially : High blood levels of triglycerides are thought to be partially responsible for clogging of arteries, heart attacks, and strokes. A female had a blood test that gave a high triglyceride level

How much will annual percentage decline : If the mortgage interest rate is 7 percent, approximately how much are home owners paying in annual mortgage interest? b. If the interest rate drops to 6 percent, by how much will annual percentage decline?

Compute the amount of financial revenue : Compute the amount of financial revenue that will be earned over the lease term and the manufacturer's profit that will be earned immediately by Aquarius

User Account

All Pages