Dimas owns a parcel of land worth P5,000,000 which he inherited from his father in 2018 when it was worth P3,000,000. His father purchased the property in 2007 for P1,000,000. If Dimas transfers this parcel of land to ABC Corporation, in exchange for shares of stock of said corporation worth P4,500,000. The aggregate basis of Dimas for all his ABC Corporation shares is ______. a. 3,500,000 b. 2,000,000 c. 1,000,000 d. 3,000,000

Dimas owns a parcel of land worth P5,000,000 which he inherited from his father in 2018 when it was worth P3,000,000. His father purchased the property in 2007 for P1,000,000. If Dimas transfers this parcel of land to ABC Corporation, in exchange for shares of stock of said corporation worth P4,500,000. The aggregate basis of Dimas for all his ABC Corporation shares is ______. a. 3,500,000 b. 2,000,000 c. 1,000,000 d. 3,000,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 68P

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