How does jack report this transaction

Assignment Help Accounting Basics

Reference no: EM133542157

Question: Jack transfers equipment with FMV: $600,000; AB: $150,000 in exchange for 50% of the common stock of UTH. Jill transfers management services w/ FMV of $420,000 and equipment with FMV: $30,000; AB: $20,000 in exchange for 50% of the common stock of UTH.

Is this a good 351?

What is Jack's basis in his UTH stock?

How does Jack report this transaction?

How does Jill report this transaction?

What is Jill's basis in her UTH stock?

What is UTH's basis in Jack's equipment?

What is UTH's basis in Jill's equipment?

Reference no: EM133542157

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