Reference no: EM13755144
Ann and Irene incorporate their respective business and form Dove corporation on March 3, 2008. Later, Bob transfer property for stock in Dove Corporation. Ann, Irene and bob are the only shareholders in Dove Corporation. * An exchanges her property (basis of $100,000 and fair market value of $400,000) for 280 shares in Dove Corporation on march 3, 2008. The property transferred by Ann is subject to a liability ( ie "expectation" 1" does not apply). * Irene exchanges her property (basis of $ 140,00 an fair market value of $ 600,000) for 600 shares in Dove corporation on march 4, 2008. * Bob transfer a business building (basis of $ 1,050,000 and fair market value of $ 1,025,000 and fair market value of $ 1,025,000) for 100 shares in Dove Corporation on dec 17, 2010. bob's transfer is not a prearranged plan with Ann and Irene to incorporate their business.
1. what gain or loss, if any, will bob recognize on the transfer?
2. what gain or loss, if any, will Ann recognize on the transfer?
3. what gain or loss, if any, will Irene recognize on the transfer?
4. what is Bob's basis on his stock?
5. what is Ann's basis on her stock?
6. what is Irene's basis on her stock?
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