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Yvonne and Morgan form Winburn Corporation. Yvonne transfers property (basis of $45,000 and value of $95,000) for 100 shares in Winburn Corporation. Morgan transfers property (basis of $20,000 and value of $31,000) and agrees to serve as manager of Winburn for one year; in return, Morgan receives 100 shares in Winburn. The value of Morgan's services to Winburn is $64,000.
If an amount is zero, enter "0".
a. Yvonne recognizes $_______ gain on the transfer. Morgan has income of $_______ .
b. Winburn Corporation has a basis of $_______ in the property it acquires from Yvonne and a basis of $_______ in the property it acquires from Morgan. It has a $64,000 (business deduction/capital expenditure/non-deductible expense) for the value of the services Morgan renders.
Flip Company at the end of the fiscal 2014 year has the following information: Credit Sales, $2,500,000 Sales Returns & Allowances $25,000 Accounts Receivable $200,000 and Allowance for Doubtful Accounts with a debit o $1,500. Prepare the general jou..
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