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What was Clark basis in Jet stock

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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: EM132645603

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