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Nancy, Guy, and Rod form Goldfinch Corporation with the following consideration. ...

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Accounting

Nancy, Guy, and Rod form Goldfinch Corporation with the following consideration.

Adjusted Basis Fair Market Value Shares Issued
From Nancy
Cash $130,000 $130,000 250
Inventory 105,000 190,000
From Guy
Land and building 130,000 330,000 210
From Rod
Legal and accounting services to incorporate 0 40,000 40

In addition, Guy receives $55,000 in cash.

DO NOT ENTER ANY COMMAS, DECIMALS OR DOLLAR SIGNS IN YOUR ANSWERS. USE THE NUMERAL 0, NOT THE WORDS ZERO OR NONE IF APPLICABLE.

Please answer the following. Remember to consider Exhibits 18.1 and 18.2 in your textbook.

a. The amount of gain or income recognized by Nancy is

b. The amount of gain or income recognized by Guy is

c. The amount of gain or income recognized by Rod is

d. Guy's basis in his Goldfinch stock is

e. Goldfinch Corporation's basis in the inventory contributed by Nancy is

f. Goldfinch Corporation's basis in the land and building contributed by Guy is
g. Rod's basis in his Goldfinch stock is .

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