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What is brandy basis in her sky stock

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Reference no: EM133092312

Question - Ariel and Brandy both contributed property to form Sky Corporation (an S corporation), after which they each owned 50% of the corporation. Brandy contributed a building with a FMV of $530,000 and received 500 shares of Sky Corp (worth $1,000 each) and $30,000 in cash in return for the building. Brandy's adjusted basis in the building when she contributed it was $510,000. Immediately upon formation Sky Corp also took out a loan for $50,000. Based on these facts what is Brandy's basis in her Sky stock?

Reference no: EM133092312

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