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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
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)?
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