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  3. in 2019, susan transfers the following property fo

In 2019, Susan transfers the following property for an 80% interest in Big corporation (1,000...

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Accounting

In 2019, Susan transfers the following property for an 80% interest in Big corporation (1,000 shares):

  • Land with a FMV of $100,000 and an adjusted basis of $20,000. The land had a $40,000 mortgage which was assumed by the corporation.
    1. Does Susan recognize gain, loss, or income from the transfer of the assets to Big Corporation?
    2. What is the basis of Susans stock in Big Corporation?

c. What basis does Big Corp have in the land?

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