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Problem 1: Ernie and Matt form ABC Corporation. Ernie transfers property, basis of $200,000 and value of $1,600,000, for 50 shares in ABC Corporation. Matt transfers property, basis of $80,000 and value of $1,480,000, and agrees to serve as manager of ABC for one year; in return Matt receives 50 shares of ABC. The value of Matt's services is $120,000. With respect to the transfers:
A. Matt will not recognize gain or income.B. Ernie will recognize a gain of $1,400,000.C. ABC Corporation has a basis of $1,480,000 in the property it received from Matt.D. ABC will have a business deduction of $120,000 for the value of the services Matt will render.E. None of the above.
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April--55K May--45K June--65K Production: 65K 55K 55K Cash-related production cost are budgeted at 7 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling..
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