Kelly, Tanya, and Barry form The Paint Corporation. Kelly transfers a building (A/B $5,000, FMV...
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Kelly, Tanya, and Barry form The Paint Corporation. Kelly transfers a building (A/B $5,000, FMV $90,000);
Tanya invests $50,000 cash and performs services worth $25,000.
Barry transfers equipment (A/B $55,000, FMV $35,000) and land (A/B $40,000, FMV $40,000).
They each receive 50 shares in The Paint Corporation, and each share is worth $1,500.
The corporation assumes a $15,000 mortgage that Kelly owes on the building. The mortgage has business purpose.
What is Barry's stock basis?
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