FMV 88,000 660,000 1,012,000 $1,760,000 Inventory $ Building Land Total $ Adjusted Basis 44,000 440,000 1,320,000 $1,804,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $1,660,000. The transaction met the requirements to be tax-deferred under §351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)
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- Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation’s stock. The property transferred to the corporation had the following fair market values and adjusted bases: FMV Adjusted Basis Inventory $ 60,000 $ 30,000 Building 450,000 300,000 Land 690,000 900,000 Total $ 1,200,000 $ 1,230,000 Assume the corporation assumed a mortgage of $1,300,000 attached to the building and land. Assume the fair market value of the building is now $750,000 and the fair market value of the land is $1,590,000. The fair market value of the stock remains $1,100,000. What is the corporation’s adjusted basis in each of the assets received in the exchange?(Do not round intermediate calculations.)[The following information applies to the questions displayed below.]Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation’s stock. The property transferred to the corporation had the following fair market values and adjusted bases: FMV Adjusted Basis Inventory $ 68,000 $ 34,000 Building 510,000 340,000 Land 782,000 1,020,000 Total $ 1,360,000 $ 1,394,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporation’s stock received in the exchange was $1,260,000. The transaction met the requirements to be tax-deferred under §351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What amount of gain or loss does Zhang realize on the transfer of the property to her corporation? C. What is Zhang’s tax basis in the…I Required information [The following information applies to the questions displayed below.] Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted bases: Inventory Building Land Total FMV 88,000 660,000 1,012,000 $1,760,000 $ Adjusted Basis $ 44,000 440,000 1,320,000 $1,804,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $1,660,000. The transaction met the requirements to be tax-deferred under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume the corporation assumed a mortgage of $1,860,000 attached to the building and land. Assume the fair market value of the building is now $1,100,000 and the fair…
- Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation’s stock. The property transferred to the corporation had the following fair market values and adjusted bases: FMV Adjusted Basis Inventory $ 68,000 $ 34,000 Building 510,000 340,000 Land 782,000 1,020,000 Total $ 1,360,000 $ 1,394,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporation’s stock received in the exchange was $1,260,000. The transaction met the requirements to be tax-deferred under §351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume the corporation assumed a mortgage of $1,460,000 attached to the building and land. Assume the fair market value of the building is now $850,000 and the fair market value of the land is $1,802,000. The…Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted bases: FMV Adjusted Basis Inventory 20,000 10,000 Building 150,000 100,000 land 230,000 300,000 Total 400,000 410,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $300,000. The transaction met the requirements to be tax-deferred under §351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume the corporation assumed a mortgage of $500,000 attached to the building and land. Assume…Jeff Stein incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation’s stock. The property transferred to the corporation had the following fair market value and adjusted bases. FMV Adjusted Basis Inventory $30,000 $45,000 Building 150,000 120,000 Land 180,000 90,000 Total $360,000 $255,000 The fair market value of the corporation’s stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Jeff. The transaction met the requirements to be tax-deferred under §351. a. What amount of gain or loss does Jeff realize on the transfer of the property to his corporation? b. What amount of gain or loss does Jeff recognize on the transfer of the property to her corporation? c. What is Jeff’s basis in the stock he receives in his corporation? d. What is the corporation’s adjusted basis in each of…
- Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted bases: FMV Inventory $ Building Land Total $ 14,500 61,000 156,000 231,500 Adjusted Basis $ 5,600 52,000 55,500 $ 113,100 The fair market value of the corporation's stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ramon. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) a. What amount of gain or loss does Ramon realize on the transfer of the property to his corporation? b. What amount of gain or loss does Ramon recognize on the transfer of the property to his corporation? c. What is Ramon's basis in the stock he receives in his corporation?Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation’s stock. The property transferred to the corporation had the following fair market values and adjusted bases: FMV Adjusted Basis Inventory $ 15,750 $ 9,500 Building 71,500 54,750 Land 195,000 72,500 Total $ 282,250 $ 136,750 The fair market value of the corporation’s stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ramon. b. What amount of gain or loss does Ramon recognize on the transfer of the property to his corporation? c. What is Ramon’s basis in the stock he receives in his corporation?S acquired 100 percent of F for P275,000. At the date of acquisition, F had the following book and market values: (see image below) What is the amount of the “Investment in F” account on S’s financial records at the acquisition date?
- Andre incorporated his sole proprietorship by transferring the following assets and debts to Raiders Corp, in returm for 100 percent of Raider. Corp's stock. The fair market value of Raider Corp. stock received in the exchange equals the FMV or the assets transferred, less the debt assumed by Raider Corp. Adjusted Debt / Mortgage Asset FMV Basis Transferred with Asset Recording Equipment $40,000 $30,000 n/a Building $140,000 $90,000 $50,000 Land $230,000 $280.000 $60.000 Total $410,000 $400,000 $110,000 Question 1: What amount of gain or loss does Andre realize on the exchange? Select | Question 2: What amount of gain or loss does Andre recognize on the exchange? (Select Question 3: What is Andre's basis in the stock he receives in Raider Corp.? Select]E Company Ltd, a reporting entity, purchases all the issued shares of D Company Pty Ltd for $2,100,000. The net assets of D Company Pty Ltd at the date of acquisition consist of land $2,500,000 and a liability of $400,000 with these values representing their respective fair values. E Company Ltd will record the acquisition in its separate accounting records as follows: O a. Dr. Investment in D Company Pty Ltd $2,100,000 Cr. Issued Capital $2,100,000 O b. None of these options is correct O. Dr. Investment in D Company Pty Ltd $2,100,000 Cr. Cash $2,100,000 O d. Dr. Land $2,500.000 Cr. Liability $400,000 Cr. Cash $2,100,000S acquired 100 percent of F for P275,000. At the date of acquisition, F had the following book and market values: (see image below) What is the amount of the “Investment in F” account on S’s financial records at the acquisition date? What amount of pre-acquisition earnings is eliminated in the acquisition date worksheet elimination? Please answer in good accounting form. Thank you!