Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. o apartment building 7 12 points john connor conve

O Apartment building 7 12 points John Connor converts his sole proprietorship into...

80.2K

Verified Solution

Question

Accounting

image

O Apartment building 7 12 points John Connor converts his sole proprietorship into a C Corporation. The basis of the assets he transfers into his corporation is $65,000. The fair market value of those assets is $125,000. In return for these assets, Connor received all (100%) of the corporation's 20,000 shares of common stock. The basis of these assets to the corporation and the basis of the stock Connor receives are $65,000 corporate asset basis and S65,000 stock basis $125,000 corporate asset basis and S125,000 stock basis $65,000 corporate asset basis and S125,000 stock basis $125,000 corporate asset basis and $65.000 stock basis 8 12 points The following properties (all held long-term) are among those owned by the taxpayer in his business. The total amount of Section 1231 assets is S Inventory $20,000

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

Accounting
1.2K views

"FinancialAnalyst Skills" Please respond to the following:Assess the key ratios for profitability, liquidity, and..."FinancialAnalyst...

Medical Sciences
1.2K views

Describe how the neural circuitry changed after static stretching and how this might reduce vertical jump...

Accounting
1.2K views

should your ethical policies be aligned with your social responsibilities as an organization explain

Physics
1.2K views

The conservation of charge in an electric circuit is closely related to which of the following? Group...

Economics
1.2K views

Consider the two investments shown below, only one of which can be chosen. They are one-shot...

Physics
1.2K views

If 21 31 k and B 41 aj 2k are parallel to each other then...

Calculus
1.2K views

Use this information for questions 3 4 u 2 3 and v 5 1 Find...

Calculus
1.2K views

Find the positive numbers and y that minimize S x y provided xy 36 x...

Algebra
1.2K views

X X Solve the equation Enter the solution set in the blank Write the solutions...

Accounting
1.2K views

The year-end balance sheet of Ft. Smith Products includes the following stockholders equity section (with...

Accounting
1.2K views

Required: 1. For direct materials: a. Compute the price and quantity variances b. The materials...

Accounting
1.2K views

please help Fuzzy Monkey Technologies, Incorporated purchased as a long-term investment...