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This is the same fact pattern as that above – Question 2 part b Lorrie incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation’s stock. The property transferred to the corporation had the following fair market value and adjusted bases: Inventory with FMV of $20,000 and AB of $10,000. Building with FMV of $150,000 and AB of $100,000. Land with FMV of $230,000 and AB of $300,000. Total FMV of $400,000 and AB of $410,000. The corporation also assumed a mortgage of $130,000 attached to the building and land.   B. What is Lorrie’s adjusted basis in the shares she receives?

Use the information above, but change the following assumptions: The mortgage attached to the building and land was $600,000 The building has a FMV of $250,000 The land has a FMV of $530,000 Total FMV $800,000; AB of $410,000   E. What amount of gain/loss does Lorrie recognize as a result of the transfer?

This is the fact pattern as that above – Question 2 (Continued) part h Use the information above, but change the following assumptions: The mortgage attached to the building and land was $600,000 The building has a FMV of $250,000 The land has a FMV of $530,000 Total FMV $800,000; AB of $410,000   H. What is the Corporation’s adjusted basis in the assets it receives? Inventory = [A] Building = [B] Land = [C]

Use the information above, but change the following assumptions: The mortgage attached to the building and land was $600,000 The building has a FMV of $250,000 The land has a FMV of $530,000 Total FMV $800,000; AB of $410,000   E. What amount of gain/loss does Lorrie recognize as a result of the transfer?

This is the same fact pattern as that above – Question 4 part c Abbie and Scout incorporate Golden, Inc. by transferring assets in exchange for stock. Abbie transfers property A with AB of $50,000 and a FMV of $70,000 in exchange for 70% of the stock. Scout transfers property B with a FMV of $10,000 and an adjusted basis of $1,000 along with services in exchange for 30% of the stock.   C. What amount of gain/loss does Scout recognize as a result of the transfer?

This is the same fact pattern as that above – Question 4 part c Abbie and Scout incorporate Golden, Inc. by transferring assets in exchange for stock. Abbie transfers property A with AB of $50,000 and a FMV of $70,000 in exchange for 70% of the stock. Scout transfers property B with a FMV of $10,000 and an adjusted basis of $1,000 along with services in exchange for 30% of the stock.   C. What amount of gain/loss does Scout recognize as a result of the transfer?

This is the fact pattern as that above – Question 2 (Continued) part h Use the information above, but change the following assumptions: The mortgage attached to the building and land was $600,000 The building has a FMV of $250,000 The land has a FMV of $530,000 Total FMV $800,000; AB of $410,000   H. What is the Corporation’s adjusted basis in the assets it receives? Inventory = [A] Building = [B] Land = [C]

This is the same fact pattern as that above – Question 4 part c Abbie and Scout incorporate Golden, Inc. by transferring assets in exchange for stock. Abbie transfers property A with AB of $50,000 and a FMV of $70,000 in exchange for 70% of the stock. Scout transfers property B with a FMV of $10,000 and an adjusted basis of $1,000 along with services in exchange for 30% of the stock.   C. What amount of gain/loss does Scout recognize as a result of the transfer?

This is the same fact pattern as that above – Question 3 part c Aubie transfers assets to Tiger Corporation in a transaction subject to Sec. 351. Assets Transferred: Inventory with FMV  $40,000 and AB $50,000 Equipment with FMV $60,000 and AB $50,000 Investment with FMV $100,000 and AB $10,000 Total FMV $200,000 and AB of $110,000 In addition to stock, Aubie receives $60,000 cash.   C. What amount of gain/loss does the Corporation recognize as a result of the transfer?

This is the same fact pattern as that above – Question 4 part f Abbie and Scout incorporate Golden, Inc. by transferring assets in exchange for stock. Abbie transfers property A with AB of $50,000 and a FMV of $70,000 in exchange for 70% of the stock. Scout transfers property B with a FMV of $10,000 and an adjusted basis of $1,000 along with services in exchange for 30% of the stock.   F. What amount of gain/loss does the Corporation recognize as a result of the transfer?