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Barbara transfers to Moore Corporation $10,000 cash and machinery having a $15,000 basis and a...

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Accounting

Barbara transfers to Moore Corporation $10,000 cash and machinery having a $15,000 basis and a $35,000 fair market value (FMV) in exchange for 50 shares of Moore stock. The machinery
was used in Barbara's business, originally cost Barbara $50,000, and is subject to a $28,000 liability, which Moore assumes. Sam exchanges $17,000 cash for the remaining 50 shares of
Moore stock.
Read the requirements.
Requirements
Requirement e. What is Sal
Sam's basis in the Moore st
Requirement f. When do Bo
Barbara's stock
Sam's stock
Requirement g. How would
a. Barbara recognizes
b. Barbara's basis in the Mo
a. What are the amount and character of Barbara's recognized gain or loss?
b. What is Barbara's basis in the Moore stock?
c. What is Moore's basis in the machinery?
d. What are the amount and character of Sam's recognized gain or loss?
e. What is Sam's basis in the Moore stock?
f. When do Barbara and Sam's holding periods for their stock begin?
g. How would your answers to Parts a through f change if Sam received $17,000 of Moore stock for legal services (instead of cash)?
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