Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. x and y formed a corporation on april 1 this year.

X and Y formed a corporation on April 1 this year. In exchange for 50...

60.1K

Verified Solution

Question

Accounting

X and Y formed a corporation on April 1 this year. In exchange for 50 shares of stock, X transferred equipment worth $60,000 (basis $15,000) subject to a mortgage of $10,000, which the corporation assumed. In exchange for 50 shares of stock, Y contributed land worth $70,000 (basis $9,000) subject to a mortgage of $20,000, which the corporation assumed. What is Ys recognized gain and basis in his stock after the exchange?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

reduces the number of vegetative forms reduces the number of endospores kilk all vegetative forms...

Biology
Q

The diagram below shows the bond between Lithium Li and Fluorine F Li F O...

Biology
Q

Consider the following research study: Participants were recruited to participate in a study to understand...

Psychology
Q

A fish in an aquarium 30 cm deep in water can see a light bulb...

Physics
Q

Find the limit L L Use the 8 8 definition to prove that the limit...

Calculus
Q

Evaluate the definite integral 9 10y y 24 y dy

Calculus
Q

The adult population of a city is 1 150 000 A consultant to a law...

Algebra
Q

Dentro del rango relevante, los costos fijos ______. Pregunta de seleccin mltiple. a)...

Accounting
Q

4 Which of the following differences is considered a permanent difference and is added when...

Accounting
Q

Refers to an estimate of the cost of an item that includes all costs related...

Accounting
Q

Compute Ke and Kn under the following circumstances: a. De = $6.80, Po = $106,...

Finance
Q

The Amherst Company has a net profits of $6 million, sales of $147 million, and...

Finance