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What are Leo and Andres adjusted basis

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Reference no: EM132440701

Question - Leo and Andres are forming a coffee brewing corporation.

Leo gave equipment with a FMV of $50,000, his basis in the equipment was $90,000. In addition, she gave $10,000 of legal services and $120,000 of cash.

Andres gave A/R of $100,000, he is a cash basis tax payer and $100,000 in cash.

What are Leo's and Andres's adjusted basis? And how the corporations adjusted basis?

Reference no: EM132440701

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