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What is ramons basis in the stock

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Question - Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted bases:

 

FMV

Adjusted Basis

Inventory

$30,000

$11,100

Building

67,750

36,750

Land

168,000

66,000

Total

$265,750

113,850

The fair market value of the corporation's stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ramon

a. What amount of gain or loss does Ramon realize on the transfer of the property to his corporation?

b. What amount of gain or loss does Ramon recognize on the transfer of the property to his corporation?

c. What is Ramon's basis in the stock he receives in his corporation?

Reference no: EM131565063

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