Ann and irene transfer their respective businesses and form

Assignment Help Accounting Basics
Reference no: EM13595918

Ann and Irene transfer their respective businesses and form AIB Corporation. Ann exchanges her property with a basis to Ann of $100,000 and fair market value of $400,000 for 200 shares in AIB Corporation on March 1, 2009. Irene exchanges her property with a basis of $140,000 and fair market value of $600,000 for 300 shares in AIB Corporation on April 11, 2009. Bob transfers his property with a basis of $250,000 and fair market value of $1,000,000 for 500 shares in AIB Corporation on May 15, 2011. Bob's transfer is not part of Ann and Irene's plan to incorporate their businesses. What gain, if any, will Bob recognize on the transfer?

Reference no: EM13595918

Questions Cloud

Bonner corps sales last year were 415000 and its year-end : bonner corp.s sales last year were 415000 and its year-end total assets were 355000. the average firm in the industry
Last year vaughn corp had sales of 315000 and a net income : last year vaughn corp. had sales of 315000 and a net income of 17832 and its year-end assets were 210000. the firms
Modos company has deposited 4170 in checks received from : modos company has deposited 4170 in checks received from customers. it has written 1520 in checks to its suppliers. the
Finch corporation organized in 2009 had profits in 2009 : finch corporation organized in 2009 had profits in 2009 and 2010. in 2011 the corporation has a loss from operations
Ann and irene transfer their respective businesses and form : ann and irene transfer their respective businesses and form aib corporation. ann exchanges her property with a basis to
Justification hello good night what is the justification : hello good night what is the justification for utalizing database management system approach i3939m not
Justification hello good night what is the justification : hello good night what is the justification for utalizing database management system approach i3939m not
Muscle and muscle tissue due saturday est nov 8overheated a : due saturday est nov 8 ltbrgt ltbrgt ltbrgtoverheated a case study on skeletal muscle physiology ltbrgttime to scrub in
Capital budgeting the stanley stationery shoppe wishes to : the stanley stationery shoppe wishes to acquire the carlson card gallery for 310000. stanley expects the merger to

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  How does global human resource management differ from

how does global human resource management differ from domestic human resource management?the strategic adaptation

  Warranty expenses during the year

In the current year, Hanna Company reported warranty expense of $196,000 and the warranty liability account increase $13,000. What were warranty expenditures during the year?

  On april 30 2012 one year before maturity red products inc

on april 30 2012 one year before maturity red products inc. retired 150000 of 8 bonds payable at 103. the book value of

  Airmeals inc prepares in-flight meals for a number of major

airmeals inc. prepares in-flight meals for a number of major airlines. one of the companys products is stuffed

  Taxes and real estate commission

Talbot Industries is considering launching a new product. The new manufacturing equipment will cost $17M, and production and sales will require an initial $5M investment in NOWC. The company's tax rate is 40%.

  Beyond inquiries and analytical procedures what are the

you are doing a review services and related tax work engagement for murphy construction company. you have made

  A friend of yours is a biotech scientist who is developing

a friend of yours is a biotech scientist who is developing a method of cloning certain antibodies. you have estimated

  Determine the product cost concept for cost amount

Display Labs Inc recently began production of a new product, flat panel displays, which required the investment of $1,800,000 in assets.

  Determine earnings per share of common stock

Determine the earnings per share of common stock under the two alternative financing plans, assuming income before bond interest and income tax is $1,000,000. Round answers to 2 decimal places if required.

  Zenon chemical inc processes pine rosin into three products

zenon chemical inc. processes pine rosin into three products turpentine paint thinner and spot remover. during may the

  The trial balance of dynamite laundry at july 31 2006 the

the trial balance of dynamite laundry at july 31 2006 the end of the current fiscal year and the data needed to

  Prepare an income statement-instockholders equity

Prepare an income statement, statement of changes instockholders' equity, balance sheet, and statement of cashflows

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd