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Herman Munster, Lillie Munster, and Vlad Munster form Munster Coffin Company in 2019. Peter Parker...

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Accounting

Herman Munster, Lillie Munster, and Vlad Munster form Munster Coffin Company in 2019. Peter Parker was hired by Munster Coffin Company to aid in the incorporation process. The following items were transferred by and to each party:

Adjusted Basis FMV Munster Stock Bonds

To Transferor

Herman Munster:

Realty 30,000 55,000 10

Mortgage 50,000 50,000

Lillie Munster:

Accounts receivable ---0--- 20,000 35

Equipment 15,000 10,000

Cash 5,000 5,000

Vlad Munster:

Equipment 15,000 20,000 20 5

Truck 10,000 5,000

Peter Parker:

Professional services ---0--- 5,000 5

The value of each share of the stock is $500. The value of the bond is $1,000. The mortgage transferred by Herman Munster is assumed by Munster Coffin Co. Indicate each partys recognized gain or loss, allocation of boot (not always the same as recognized gain), and each partys basis in all properties received.

Herman Munster:

Basis 5 Shares: Recognized Gain:

Lillie Munster:

Basis in 35 shares Recognized Gain:

Vlad Munster:

Basis in 20 shares Recognized Gain:

Basis in 5 Bonds

Allocation of Boot: Truck: Equipment:

Peter Parker:

Basis in 5 shares Recognized Gain:

Munster Coffin Co.:

Basis: Realty

Accounts receivable

Equipment (Lillie)

Cash

Equipment (Vlad)

Truck Recognized Gain

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