tara incorporates her sole proprietorship, Financial Accounting

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tara incorporates her sole proprietorship

Tara incorporates her sole proprietorship transferring it to recently formed Black Corporation. The assets transferred have an adjusted basis of $240,000 and a fair market value of $300,000. Also transferred was $ 10,000 in liabilities, $1,000 of which was personal (no business) and the balance of $9,000 being business related. In return for these transfers, Tara receives all of stock in Black Corporation. Which is correct?

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Financial Accounting: tara incorporates her sole proprietorship

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