Travis transfers land with a fair market value of 125000

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Reference no: EM13582524

1. Which of the following is not a corporate organizational expenditure that may be amortized?

a. The cost of organizational meetings

b. Fees paid to the state for incorporation

c. Accounting fees incident to organization

d. Legal fees incident to organization

e. All of the above are organizational expenditures

2. Which of the following is not required for a corporation to be classified as a small business corporation and be eligible to make an S corporation election in 2012?
a. The corporation must have 100 or fewer shareholders.
b. The corporation must be a domestic corporation.
c. The corporation must have both common and preferred stock.
d. The shareholders of the corporation must not be nonresident aliens.
e. All shareholders must be one of the following: individuals, estates, certain trusts, or financial
institutions.

3. Travis transfers land with a fair market value of $125,000, basis of $25,000, to a corporation in exchange for 100% of the corporation's stock. What amount of gain must Travis recognize as a result of this transaction?
a. $ 0
b. $ 25,000
c. $ 100,000
d. $ 125,000
e. None of the above

Reference no: EM13582524

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