Answered You can hire a professional tutor to get the answer.

QUESTION

In general, no gain or loss are recognized to transferors - On transfer of ( ) to corporation - In exchange for ( ) - If immediately after transfer,...

$270,000

9. Ann and Bob form Robin Corporation. Ann transfers property worth $420,000 (basis of

$150,000) for 70 shares in Robin Corporation. Bob receives 30 shares for property

worth $165,000 (basis of $30,000) and for legal services (worth $15,000) in organizing

the corporation.

(1) What gain or income, will the parties recognize on the transfer?

(2) What basis do Ann and Bob have in the stock in Robin Corporation?

Ann:

Bob:

(3) What is Robin Corporation's basis in the property and services it received from Ann

and Bob?

Show more
LEARN MORE EFFECTIVELY AND GET BETTER GRADES!
Ask a Question