Business, 24.04.2020 16:22, lauren203

Three individuals transferred property to newly formed Triple Inc. in exchange for 1,000 shares of common stock. Mr. Albert transferred assets with a $50 ,000 tax basis in exchange for 820 shares, Mrs. Billig transferred assets with a $9,000 tax basis in exchange for 148 shares, and Mrs. Crisp transferred $4,000 cash for 32 shares. Based on the FMV of the transferred assets, each Triple share is worth $125 . Which of the following is false?A)Mr. Albert's tax basis in his 820 shares is $50,000.B)Mrs. Crisp's tax basis in her 32 shares is $4,000.C)Triple Inc.'s tax basis in the assets transferred by Mrs. Billig is $9,000.D)None of the above is false.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 21.06.2019 16:00, brendacauani12345

Evelyn would like to open a small business that is categorized as a being in the distribution industry. to do this she could open a establishment.

Answers: 1

continue

Business, 22.06.2019 20:20, isabelperez063

Why is it easier for new entrants to get involved in radical innovations when compared to incumbent firms? a. unlike incumbent firms, new entrants do not have to face the high entry barriers, initially. b. new entrants are embedded in an innovation ecosystem, while incumbent firms are not. c. unlike incumbent firms, new entrants do not have formal organizational structures and processes. d. incumbent firms do not have the advantages of network effects that new entrants have.

Answers: 2

continue

Business, 23.06.2019 02:50, greg777

Dakota company experienced the following events during 2016. 1. acquired $30,000 cash from the issue of common stock. 2. paid $12,000 cash to purchase land. 3. borrowed $10,000 cash. 4. provided services for $20,000 cash. 5. paid $1,000 cash for utilities expense. 6. paid $15,000 cash for other operating expenses. 7. paid a $2,000 cash dividend to the stockholders. 8. determined that the market value of the land purchased in event 2 is now $12,700

Answers: 1

continue

Business, 23.06.2019 03:50, brooke2828

What is inventory turnover? explain the effect of a high inventory turnover during the christmas shopping season.

Answers: 1

continue

Do you know the correct answer?

Three individuals transferred property to newly formed Triple Inc. in exchange for 1,000 shares of c...