Solution-What was Clark basis in Jet stock

What was Clark basis in Jet stock

Reference no: EM132631119

Problem - Clark and Hunt organized Jet Corp. with authorized voting common stock of $400,000. Clark contributed $60,000 cash. Both Clark and Hunt transferred other property in exchange for Jet stock as follows:

	Adjusted Basis	Fair Market Value	Percentage of Jet Stock Acquired
Clark	$ 50,000	$100,000	40%
Hunt	120,000	240,000	60%

Required - What was Clark's basis in Jet stock?

a. $0

b. $100,000

c. $110,000

d. $160,000

Reference no: EM132631119

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What was Clark basis in Jet stock

Reference no: EM132631119

Reference no: EM132631119

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