Reference no: EM131453716
Diane, Maria, Debbie, and Susan incorporate their psychiatry practice ("Babbling Lunatics, Inc.") with the following investments:
Diane contributes her copyright (basis of $62,000 and FMV of $143,000) for 9500 shares of Lunatic stock, worth $93,500. The corporation also assumed her $59,500 of business debts.
Maria contributes her real estate (basis of $465,000, FMV of $330,000) in exchange for 9100 shares of Lunatic stock, worth $425,000, and received $77,000 cash.
Debbie contributes her patent (basis of $272,000, FMV of $475,000) for 7300 shares of Lunatic stock, worth $371,000. The corporation also assumed her $104,000 mortgage, which Debbie took in order to pay her past due gambling losses.
Susan contributes accounting services to the corporation (basis of $0, FMV of $75,000) for 1,500 shares of Lunatic, Inc. stock, worth $75,000.
Calculate the following:
1) Has the 80% control requirement been met? Why or why not?
2) Lunatics' basis in the patent contributed by Debbie
3) Maria's realized and recognized gains, if any.
4) Debbie's recognized gain.
5) Diane's basis in her Lunatic stock.
6) Lunatic's basis in the real estate contributed by Maria.
7) Maria's basis in her Lunatic stock.
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