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Problem: Butch forms World Serious Athletics, Inc. (WSA) by transferring assets he has owned for 10 years to WSA in exchange for all of its stock in a transaction that qualifies under Section 351. WSA will be a regional athletic clothing retailer. Butch transferred the following assets:
Asset Basis Fair Market Value
Cash $ 50,000 $ 50,000
Inventory 10,000 50,000
Building 25,000 250,000
The building is subject to a $100,000 mortgage. Since WSA will use the building in its operation, all asset transfers including the mortgage have a business purpose.
What is Butch's holding period for his WSA stock.
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Lisa is the sole proprietor of a business that manufactures solar panels. This week Lisa was approached to exchange her business assets for shares in Burns Power. As part of the exchange, Lisa is requiring Burns Power to assume the home equity loan o..
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