Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. curly, larry, moe and serafina incorporated stooge

Curly, Larry, Moe and Serafina incorporated Stooges Corp. As part of an integrated transaction, they...

60.1K

Verified Solution

Question

Accounting

Curly, Larry, Moe and Serafina incorporated Stooges Corp. As part of an integrated transaction, they each contributed the following: Curly contributed cash of $100,000 in exchange for 10 shares of Stooges Corp. stock Larry contributed equipment (FMV = $100,000; basis = $147,539) in exchange for 10 shares of Stooges Corp. stock Moe contributed a building (FMV = $120,000; basis = $59,820) in exchange for 10 shares of Stooges Corp. stock and $20,000 cash Serafina contributed land (FMV = $150,000; basis = $144,889) in exchange for 10 shares of Stooges Corp. stock and $50,000 cash There are 40 total shares of Stooges Corp. outstanding (these are the 40 shares owned by Curly, Larry, Moe and Serafina). Each share is worth $10,000. No tax elections were made.

What is Stooges Corp.'s basis in the land?

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

le Question 16 8 2 17 Part 1 of 8 nnel director in a particular...

Basic Math
1.2K views

2 An eyewitness to a crin could not remember th How many license plat

Chemistry
1.2K views

A reaction has a rate constant of 1.22*10^-4/s at 27 0C and 0.230/s at 78 0C....

Physics
1.2K views

A cylindrical cavity of radius is present in a current 2 carrying long wire of...

Basic Math
1.2K views

Perpetual inventory using FIFO Beginning inventory purchases and sales for Item Zeta9 are as follows...

Calculus
1.2K views

If f(x) = 5 arctan(5x), find f'(x).Find f'(3).

Accounting
1.2K views

Name this court: this court has sixteen judges and hears cases concerning all monetary claims...

Accounting
1.2K views

AP11-8A (Basic stock dividends entry) On December 31, 2020, Talbot Corporations common shares had a...

Accounting
1.2K views

PR 2-10 Entries into accounts and Trial Balance OBJ. 1. Describe the characteristics of an...

Accounting
1.2K views

The following income statement and balance sheets for The Athletic Attic are provided. ...

Finance
1.2K views

A 5-year project has a risk-adjusted discount rate of 5% p.a. The investment would be...

Finance
1.2K views

Suppose you borrow $54050.89M when financing a gym with a cost of $92099.30M. You expect...