Reference no: EM132570162
On January 3, 2019, Adam, Brian, Charlie and Dave decide to form XYZ Corp. as a vehicle through which they intend to engage in a business.
Adam transfers machinery with a FMV of $90,000 and an adjusted basis in his hands of $105,000 to the corporation in exchange for 100 shares of voting common stock. The machinery was encumbered by a $70,000 liability at the time of the transfer.
Brian contributes a truck with a FMV of $20,000 and an adjusted basis of $8,500 in exchange for 100 shares of voting common stock.
Charlie transfers land with a FMV equal to $238,000 that is encumbered by a $218,000 liability and has an adjusted basis in his hands of $180,000 in exchange for 100 shares of voting common stock.
Dave receives 50 shares of stock in exchange for his agreement to render services for X Corp.
Question 1: What is the amount of gain or loss to be recognized by Adam, Brian and Charlie?
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