Solved: Immediately after the exchange pietro owns 90 of vino incs, Accounting Basics

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Immediately after the exchange pietro owns 90 of vino incs

Question - Pietro transfers property worth $50,000 to Vino, Inc. and, also. provides personal services worth $5,000 in exchange for stock valued at $55,000. Immediately after the exchange Pietro owns 90% of Vino Inc.'s outstanding stock. What is Pietro's income recognition, if any?

1. $55,000 Capital gain, $0 Ordinary Income

2. $0 Capital Gain, $5,000 Ordinary Income

3. $0 Capital Gain, $50,000 Ordinary Income

4. $5,000 Capital Gain, $0 Ordinary Income

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Accounting Basics: Immediately after the exchange pietro owns 90 of vino incs

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Accounting Basics: Immediately after the exchange pietro owns 90 of vino incs

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