Business, 28.06.2020 01:01 jnsoccerboy7260
Three individuals form Skylark Corporation with the following contributions: Cliff, cash of $50,000 for 50 shares; Brad, land worth $20,000 (basis of $11,000) for 20 shares; and Ron, cattle worth $9,000 (basis of $6,000) for 9 shares and services worth $21,000 for 21 shares.
A. These transfers are fully taxable and not exempt under IRC § 351 because Ron’s stock received for services does not count toward the 80% control test.
B. Ron’s basis in his stock is $30,000.
C. Ron’s basis in his stock is $21,000.
D. Ron has income on the transaction of $21,000.
E. Brad’s basis in his stock is $20,000.
Answers: 3
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Three individuals form Skylark Corporation with the following contributions: Cliff, cash of $50,000...
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