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What is Jim basis in his additional Gold shares

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Question - Transfer of Personal Liabilities - Jim owns 80% of Gold Corporation stock. He transfers a business automobile to Gold in exchange for additional Gold stock worth $5,000 and Gold's assumption of both his $1,000 automobile debt and his $2,000 education loan. The automobile originally cost Jim $12,000 and, on the transfer date, has a $4,500 adjusted basis and an $8,000 FMV.

a. What are the amount and character of Jim's recognized gain or loss?

b. What is Jim's basis in his additional Gold shares?

c. When does Jim's holding period for the additional shares begin?

d. What basis does Gold take in the automobile?

Reference no: EM133122441

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