Pester co. was incorporated by the conversion of Peters sole proprietorship, which sells computers. At...
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Pester co was incorporated by the conversion of Peters sole proprietorship, which sells computers. At the time of conversion, stocks with book value of $ were transferred into the incorporated company; these had an open market value of $ but a consideration of $ was agreed for the purposes of the transfer. Following the incorporation, Pester began offering computer servicing services, and the computers taken over were loaned to customers while their computers were retained for repairsservicing What would be the value of the stock transferred for tax purposes? A $ B $ C $ What would be the gainloss recorded by Peters SP following the transfer? A Taxable gains $ B Realized loss $ C Realizedloss$ D Taxable gains $
Pester co was incorporated by the conversion of Peters sole proprietorship, which sells computers. At the time of conversion, stocks with book value of $ were transferred into the incorporated company; these had an open market value of $ but a consideration of $ was agreed for the purposes of the transfer.
Following the incorporation, Pester began offering computer servicing services, and the computers taken over were loaned to customers while their computers were retained for repairsservicing
What would be the value of the stock transferred for tax purposes? A $
B $ C $
What would be the gainloss recorded by Peters SP following the transfer? A Taxable gains $
B Realized loss $
C Realizedloss$
D Taxable gains $
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