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What are the tax consequences if james contributes his lc

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Question

James Russell is 50% shareholder in a landscaping Corporation, LC Corporatio. He has just Incorporated his own wholly-owned landscaping business, Greenscape Inc.

The other unrelated shareholder in LC Corporation wishes to buy James out with one-half the assets of LC Corporation consisting of tractors, tools, and equipment all written down below current value. Jame wishes to transfer these assets to Greenscape Incorporated.

What are the tax consequences if James contributes his LC corporation stock to Greenscape and LC redeems its stock from Greenscape for the assets.

Reference no: EM132317525

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