Chris contributes to the corporation property with the basis, accounting homework help
Chris contributes to the corporation property with the basis to him of $30,000 and a fair market value at the time of the contribution of $48,000 in exchange for 900 shares of $10 par stop one year later how it was not related to Chris transfers property with the basis of $4000 and fair market value of $900 for 100 shares of $10 par value stock what is the recognized gain or loss to Chris and Hal?
Chris Need assignment help for this question?If you need assistance with writing your essay, we are ready to help you! OUR PROCESSOrderPaymentWritingDeliveryWhy Choose Us: Cost-efficiency, Plagiarism free, Money Back Guarantee, On-time Delivery, Total Сonfidentiality, 24/7 Support, 100% originality |
900 shares for $10 par |
Property: |
|
Basis |
FMV |
$30,000 |
$48,000 |
Gain: |
$18,000 |
Recognized: |
No; $0 |
Basis for shares |
$30,000 |