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Category > Accounting Posted 21 Apr 2017 My Price 4.00

Lashawn Sadusky

Lashawn Sadusky transferred property with an adjusted basis of $100,000 and a fair market value of $200,000 to a corporation in exchange for 2,000 shares of common stock in the corporation. A few days later, Gary Zurn transferred property with an adjusted basis of $45,000 and a fair market value of $35,000 to the corporation in exchange for 350 shares of common stock in the corporation. Following the transfers, the corporation had 3,000 shares of common stock outstanding. No other type of stock is outstanding. Does Lashawn have to recognize any gain on the transfer? If so, how much? Can Gary recognize the loss he realized on the transfer?

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SuperTutor
(15)
Status NEW Posted 21 Apr 2017 02:04 AM My Price 4.00

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file 1492743492-Solutions file.docx preview (56 words )
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