Kyung formed a corporation and owns all of the stock. He contributed property with a FMV of $90,000 and a basis of $85,000, and he received $15,000 cash from the corporation. Kyung's basis in his stock is: $85,000. $70,000. $75,000. $90,000.
Kyung formed a corporation and owns all of the stock. He contributed property with a FMV of $90,000 and a basis of $85,000, and he received $15,000 cash from the corporation. Kyung's basis in his stock is: $85,000. $70,000. $75,000. $90,000.
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 28CE
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Kyung formed a corporation and owns all of the stock. He contributed property with a FMV of $90,000 and a basis of $85,000, and he received $15,000 cash from the corporation. Kyung's basis in his stock is:
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$85,000. |
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$70,000. |
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$75,000. |
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$90,000. |
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