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QUESTION
Taxpayer puts in $2,000,000 of assets (FMV) into a corporation in exchange for common stock. His basis is $850,000.
Taxpayer puts in $2,000,000 of assets (FMV) into a corporation in exchange for common stock. His basis is $850,000. He also gets $250,000 in cash (plus the stock) If this transaction is deferred under Ch 4 or Ch 7 what is the:
- Realized gain/ loss:
- Recognized gain/ loss:
- Basis in new asset (stock) to the shareholder:
- Basis of the assets to the corporation:
