User Account

All Pages

Which of the is correct regarding the transfer

Assignment Help Accounting Basics
Reference no: EM132635573

Question - Amelia, a Cash Basis Taxpayer, incorporates her Sole Proprietorship in 2019. She transfers the following items to the newly created Leggett Corporation: Cash-$40,000 (Adjusted Basis); $40,000 (Fair Market Value); Land- $280,000(Adjusted Basis); $280,000 (Fair Market Value); Mortgage Payable- $330,000 (Adjusted Basis); $330,000 (Fair Market Value). Amelia received only stock for the transfer of the assets to the newly created corporation. Which of the following is correct regarding the transfer?

1. Amelia has Recognized Gain of $10,000

2. Leggett Corporation's basis in the Land is $280,000

3. Amelia has no Recognized Gain or Recognized Loss

4. Amelia has Recognized Gain of $50,000

Reference no: EM132635573

Questions Cloud

Multiple isoforms in a genome browser : What are the differences between multiple isoforms in a genome browser?
Fallacies and errors in sound reasoning : There are several types of fallacies - equivocation, false authority, ad hominem, appeal to ignorance, and bandwagon.
How evaluate the book value per share of the common stock : Evaluate the book value per share of the common stock. Assume that wireless has paid preferred dividends for the current year and all prior years
Describe the legal categories of business organization : Identify and describe the legal categories of a business organization contrasting tax-related advantages and disadvantages.
Which of the is correct regarding the transfer : Amelia received only stock for the transfer of the assets to the newly created corporation. Which of the following is correct regarding the transfer
Psychoanalytic theory approach : Analysis of the case study using a psychoanalytic theory approach. Is your theory designed for short- or long-term counseling?
Estimate the book value per share of the common stock : Estimate the book value per share of the common stock. Assume that wireless has paid preferred dividends for the current year and all prior years.
Find the maggie corporation dividend received deduction : Gross Income (Revenues) From Operations- $600,000; Expenses From Operations- $680,000; Find the Maggie Corporation's Dividend Received Deduction
Is partlow preferred stock cumulative or noncumulative : Is Partlow's preferred stock cumulative or noncumulative? How can you tell? common stock, $0.30 par, 1,200,000 shares authorized and issued

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd