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John transfers to Fortworth Corporation property having a 28,000 adjusted basis and a 48,000 FMV in exchange for all of Fortworth?'s stock worth 11,000 and ?Fortworth's assumption of a 37,000 mortgage on the property
Requirements
What is the amount of John?'s recognized gain or? loss?
What is John?'s basis in the Fortworth stock?
What is Fortworth?'s basis in the? property?
How would your answers to Parts a through c change if the mortgage assumed by
Fortworth were $11,000 and the Fortworth stock were worth$37,000??
At the time of his death, John's investment portfolio was worth $305,169. What would Jay's children receive
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