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Problem 1: Simone transferred 100 percent of her stock in Purple Company to Plum Corporation in a Type A merger. In exchange, she received stock in Plum with a fair market value of $642,500 plus $642,500 in cash. Simone's tax basis in the Purple stock was $206,000. What amount of gain does Simone recognize in the exchange and what is her basis in the Plum stock she receives?
Option 1: $1,079,000 gain recognized and a basis in Plum stock of $642,500. Option 2: $1,079,000 gain recognized and a basis in Plum stock of $1,285,000. Option 3: $642,500 gain recognized and a basis in Plum stock of $642,500. Option 4: $642,500 gain recognized and a basis in Plum stock of $206,000.
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