What is the amount of each transferor recognized gain

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Question - Alice transfers property with a $312,000 adjusted basis and a $600,000 FMV to PP Corporation for 90 shares of PP Corporation stock. Barbara, Alice's mother transfers property with a $193,000 adjusted basis and a $600,000 FMV to PP Corporation for 50 shares of PP stock. Chuck, Alice's father, transfers property with a $225,000 adjusted basis and a $600,000 FMV to PP Corporation for the remaining 10 shares of PP stock.

a) What is the amount of each transferor's recognized gain or loss?

b) What is Alice's basis for her PP stock?

c) What is Barbara's basis for her PP stock?

d) What is Chuck's basis for his PP stock?

Reference no: EM132010112

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