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What is the adjusted basis of the assets with respect to HMI

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Reference no: EM132780092

Problem - Trisha transfers the following assets to HMI Corp. in exchange for 100% of its stock.

Asset

Fair Market Value

Adjusted Basis

Inventory

$800,000

$750,000

Equipment

$550,000

$700,000

Computer

$280,000

$400,000

Tractor

$300,000

$280,000

Assume there are no special elections made by either Trisha or HMI Corp.

Required -

1. What is the adjusted basis of the assets with respect to HMI Corp.?

2. What are the tax consequences to Trisha (gain/loss recognized, basis of stock received)?

Reference no: EM132780092

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