Description
Chris contributes to the corporation property with the basis to him of $30,000 and a fair market value at the time of the contribution of $48,000 in exchange for 900 shares of $10 par stop one year later how it was not related to Chris transfers property with the basis of $4000 and fair market value of $900 for 100 shares of $10 par value stock what is the recognized gain or loss to Chris and Hal?
|
Chris |
900 shares for $10 par |
|
Property: |
|
|
Basis |
FMV |
|
$30,000 |
$48,000 |
|
Gain: |
$18,000 |
|
Recognized: |
No; $0 |
|
Basis for shares |
$30,000 |
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