In a qualified sec 351 transaction when corp d was formed, Accounting Basics

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In a qualified sec 351 transaction when corp d was formed

Problem

•In a qualified Sec 351 transaction, when Corp D was formed, it issued 100 shares of common voting stock with a total FMV of $400

•Tom exchanged a patent ($50 basis; owned for 5 years) for 20 shares ($80 FMV) of R Corp's common voting stock

•Mary provided $100 worth of legal services to Corp D and transferred $200 cash in exchange for 80 shares ($320) of Corp D's common voting stock($320 FMV). Mary's income tax rate is 10%.

•Under Sec 351, what are the tax consequences to Tom, Mary, and R Corp?

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Accounting Basics: In a qualified sec 351 transaction when corp d was formed

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Accounting Basics: In a qualified sec 351 transaction when corp d was formed

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