Solution-Determine the basis of the property contributed

Determine the basis of the property contributed

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Question - Determine the basis of the property contributed in the hands of the corporation in each instance. Assume that the 80% rule is met in all cases.

-Contribution of property with a basis of $2,000 and an FMV of $2,400.

-Contribution of property with a basis of $5,000 and an FMV of $5,800. The stockholder also received $550 cash from the corporation as part of the stock transaction.

-Contribution of property with a basis of $9,200 and an FMV of $14,500. The stockholder also received property with an FMV of $2,700 from the corporation as part of the stock transaction.

-Contribution of a building with an FMV of $250,000, a mortgage (assumed by the corporation) of $150,000, and a basis of $225,000.

-Contribution of a building with an FMV of $1,800,000, a mortgage (assumed by the corporation) of $1,100,000, and a basis of $685,000.

Reference no: EM132912740

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Determine the basis of the property contributed

Reference no: EM132912740

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