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DISCLAIMER: IF YOU HAVE NO KNOWLEDGE OF ACCOUNTING PLEASE DO NOT ANSWER! SECONDLY, IF YOU ARE KNOWN TO COPY AND PASTE FROM THE INTERNET PLEASE ALSO...
DISCLAIMER: IF YOU HAVE NO KNOWLEDGE OF ACCOUNTING PLEASE DO NOT ANSWER! SECONDLY, IF YOU ARE KNOWN TO COPY AND PASTE FROM THE INTERNET PLEASE ALSO DO NOT ANSWER! I REPORT PLAGIARISM. IF YOU ARE NEITHER OF THESE PLEASE ASSIST ON THE FOLLOWING QUESTIONS.
1. Krissy Kraus and Manny Martin form K&M Corp. Krissy transfers land with an adjusted basis of $12,000 for stock worth $15,000 and $5,000 cash. Manny transfers a backhoe with an adjusted basis of $30,000 for stock worth $11,000 and $7,000 cash. What is Krissy's realized gain/loss? Will she recognize any of that gain/loss? What is Manny's realized gain/loss? Will he recognize any of that loss?
2. Billy Barker, a married taxpayer, has basis in IRC 1244 stock of $120,000. Billy sells the stock for $50,000. What is his gain or loss? How much is ordinary? How much is capital?
