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Posted by richard.nacianceno on November 27, 2006, 8:08 am
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Let say Ralph transfers property with an adjusted basis of
$65,000 and a FMV of $70,000 to lake corporation in a Sec.
351 transaction. Ralph receives the stock worth $60,000 and
a short-term note having a $10,000 FMV. Ralph's basis in
the stock is what?
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Posted by Herb Smith on November 28, 2006, 1:03 am
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richard.nacianceno@gmail.com wrote:
> Let say Ralph transfers property with an adjusted basis of
> $65,000 and a FMV of $70,000 to lake corporation in a Sec.
> 351 transaction. Ralph receives the stock worth $60,000 and
> a short-term note having a $10,000 FMV. Ralph's basis in
> the stock is what?
Maybe Ralph should do his own homework.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Stuart A. Bronstein on November 28, 2006, 1:22 am
Please log in for more thread options richard.nacianceno@gmail.com wrote:
> Let say Ralph transfers property with an adjusted basis of
> $65,000 and a FMV of $70,000 to lake corporation in a Sec.
> 351 transaction. Ralph receives the stock worth $60,000 and
> a short-term note having a $10,000 FMV. Ralph's basis in
> the stock is what?
$65,000, plus $10,000 (approximately) of taxable income.
Stu
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill Brown on November 28, 2006, 1:22 am
Please log in for more thread options richard.nacianceno@gmail.com wrote:
> Let say Ralph transfers property with an adjusted basis of
> $65,000 and a FMV of $70,000 to lake corporation in a Sec.
> 351 transaction. Ralph receives the stock worth $60,000 and
> a short-term note having a $10,000 FMV. Ralph's basis in
> the stock is what?
Sounds like a homework problem to me. :)
Moderator:
I knew the answer! Is Tax homework getting that easy?
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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