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Category > Business & Finance Posted 07 Aug 2017 My Price 8.00

Mitchell and Lane form Green Corporation.

Mitchell and Lane form Green Corporation. Mitchell transfers property (basis of $105,000 and fair market value of $90,000) while Lane transfers land (basis of $8,000 and fair market value of $75,000) and $15,000 in cash. Each receives 50% of Green Corporation’s stock, which is worth a total of $180,000. As a result of these transfers: 

a. Mitchell has a recognized loss of $50,000, and Lane has a recognized gain of $37,500. 
b. Neither Mitchell nor Lane has any recognized gain or loss. 
c. Mitchell has no recognized loss, but Lane has a recognized gain of $37,500. 
d. Green Corporation will have a basis in the land of $212,500.

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Status NEW Posted 07 Aug 2017 09:08 AM My Price 8.00

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