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What are the us tax consequences of the bank loan

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Assignment

Greg form Greg Corp. on January 1, 2015 and immediately elected to be an corp. effective for 2015. In forming the corp Greg contributed $50,000 in exchnage for all stock. The coro obtained a $75,000 bank loan. In 2015 ordinary loss of $60,000 and in 2014 an ordinary loss of 12,000. During 2014 Greg divored his wife, and she received 50% of the stock during the settlement. In 2015 corp earned $40,000 ordinary income.

Required:

What are the US tax consequences of:

1. Greg contributing the $50,000 for all the stock
2. The bank loan
3. The ordinary losse for the two years
4. Ex-wofe receiving half the stock
5. The ordinary income from 2015.

Reference no: EM131131126

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