Shareholder X transfers property with a tax basis of $200 and a fair market value of $250 to Acme Corporation in exchange for stock with a fair market value of $250 in a transaction that qualifies for deferral under section 351. What is the shareholder's basis in the stock of Acme which it received? What is the shareholder's gain/(loss) realized? What is the shareholder' gain/(loss) recognized? What is Acme's basis in the property transferred? What amount of gain/(loss) does Acme recognize?

Question

02-01-2021
Law

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Shareholder X transfers property with a tax basis of $200 and a fair market value of $250 to Acme Corporation in exchange for stock with a fair market value of $250 in a transaction that qualifies for deferral under section 351. What is the shareholder's basis in the stock of Acme which it received? What is the shareholder's gain/(loss) realized? What is the shareholder' gain/(loss) recognized? What is Acme's basis in the property transferred? What amount of gain/(loss) does Acme recognize?

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Answer:

Shareholder X transfers property with a tax basis of $200 and a fair market value of $250 to Acme Corporation in exchange for stock with a fair market value of $250 in a transaction that qualifies for deferral under section 351. What is the shareholder's basis in the stock of Acme which it received? What is the shareholder's gain/(loss) realized? What is the shareholder' gain/(loss) recognized? What is Acme's basis in the property transferred? What amount of gain/(loss) does Acme recognize?