Ms kim has owned a tract of land for several years she paid, Accounting Basics

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Ms kim has owned a tract of land for several years she paid

Problem

Ms. Kim has owned a tract of land for several years. She paid $100,000 for it, and it is now worth $200,000. She decides to form a corporation to subdivide and develop the land. She transfers the land plus $10,000 cash to a newly formed corporation in exchange for 100% in the new corporation. What is Ms. Kim's basis in the stock?

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Accounting Basics: Ms kim has owned a tract of land for several years she paid

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Accounting Basics: Ms kim has owned a tract of land for several years she paid

Reference No:- TGS02716155

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