Mortgage on the land as part of transfer, Accounting Basics

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Mortgage on the land as part of transfer

Dave formed Shull Company and transferred land ($100,000 fair market value; $40,000 adjusted basis) and equipment ($50,000 fair market value; $10,000 adjusted basis) in exchange for 100 shares of stock. Shull Company assumes the $45,000 mortgage on the land as part of the transfer. Dave's tax consequences are:

Recognized Basis in Gain 100 shares

a. $0 $50,000

b. $5,000 $0

c. $50,000 $60,000

d. $100,000 $100,000

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Accounting Basics: Mortgage on the land as part of transfer

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Accounting Basics: Mortgage on the land as part of transfer

Reference No:- TGS088212

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Accounting Basics: Mortgage on the land as part of transfer

Reference No:- TGS088212

Recent Questions Asked Accounting Basics

Q : What partner macki will eventually receive cash of

Q : Sudan red is a dye that is commonly used to stain lipids red

Q : How to balance patience-s need for particular appointment

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Q : Mortgage on the land as part of transfer

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Q : What the amount of the bonus to the old partners is

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