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What was the basis of each shareholder in Bobby Bobbie Inc

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Question - Billy Bob, Mary Marie and Francis Jamie made a contribution of property to an existing corporation, Bobby Bobbie, Inc. Billy Bob contributed a piano with an adjusted basis of $800 and a fair market value of $9000. Mary Marie contributed an oboe with an adjusted basis of $100 and a fair market value of $400. Francis Janie contributed a violin with an adjusted basis of $600 and a fair market value of $600. After the contribution, Billy Bob owned 15% of the corporation, Mary Marie 10% and Francis Janie owned 25%. What was the basis of each shareholder in Bobby Bobbie, Inc.?

Reference no: EM132542700

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