Reference no: EM132570179
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 XYZ Corp's adjusted basis in the machinery, the truck and the land it received from its shareholders?
|
What amount of the withdrawal will Brooklyn have
: Brooklyn has been contributing to a traditional IRA for seven years, What amount of the withdrawal, after tax considerations, will Brooklyn have
|
|
What are the resources the founders of airbnb
: What are the resources the founders of Airbnb needed the most and how did they acquire them?
|
|
Describe the concepts of organizational stability
: Describe the concepts of organizational stability and organizational innovation. Provide a real-life example of how an organization has maintained stability.
|
|
Components and anatomy of the lymphatic system
: Identify the components and anatomy of the lymphatic system. Discuss the role of the immune response in transplantation and cancer.
|
|
What is xyz corp adjusted basis in the machinery
: What is XYZ Corp's adjusted basis in the machinery, the truck and the land it received from its shareholders? Brian contributes a truck with a FMV of $20,000
|
|
Key performance indicators may measure
: What are three examples of what outcomes, outputs or key performance indicators may measure.
|
|
How much does deferring Paris income save her employer
: Assuming this is her only source of income and her marginal income tax rate is 32 percent, how much does deferring Paris's income save her employer
|
|
Identify 1 organization that is of a mechanistic structure
: Identify 1 organization that is of a mechanistic structure, and 1 organization with an organic structure.
|
|
What is the adjusted basis of the stock received from xyz
: On January 3, 2019, Adam, Brian, What is the adjusted basis of the stock received from XYZ Corp. in the hands of Adam, Brian, Charlie and Dave?
|