ay transfers land worth $10,000 to a corporation for all the shares. Jay's adjusted basis in the land was $3,000. Jay's gain realized is and Jay's gain recognized is .
1. Jay transfers land worth $10,000 to a corporation for all the shares. Jay's adjusted basis in the land was $3,000. Jay's gain realized is and Jay's gain recognized is .
2. What are the requirements for a taxpayer to be able to defer gain on the transfer of assets to a corporation in exchange for stock? (Give all 5 requirements)
3. What or who is treated as a person for tax purposes? Answer in alphabetical order:
4. Sara performs services for a corporation and receives stock worth $20,000 which represents 20% of the stock. Henry transfers land worth $80,000 with a basis of $15,000 for 80% of the stock. Did Sara transfer property to the corporation?
a. What is Sara's basis in the land?
b What is Sara's holding period in the stock?
5. H transfers land to a corporation Z in exchange for stock. With respect to the stock:
a) Who is the transferor
b) Who is the transferee
Step by step
Solved in 3 steps
