Business, 09.11.2020 17:00, emmilicious

Chrissie and Mirinda want to form a corporation. Chrissie contributes property worth $750,000 and a basis of $500,000 in exchange for stock worth $750,000 and Mirinda contributes services in exchange for stock worth $250,000. Does this qualify as a good Section 351 transaction?

What gain does Chrissie Recognize?

What gain does Mirinda recognize?

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 10:00, mayamabjishovrvq9

Suppose an economy has only two sectors: goods and services. each year, goods sells 80% of its outputs to services and keeps the rest, while services sells 62% of its output to goods and retains the rest. find equilibrium prices for the annual outputs of the goods and services sectors that make each sector's income match its expenditures.

Answers: 2

continue

Business, 22.06.2019 12:50, angelrenee2000

There is a small, family-owned store that sells food and household goods in a small town. the owners have good relations with the community, especially with local farmers who supply much of the food. the farmers aren't organized into a cooperative or union, and the store deals with each individually. suppose the store wanted to buy some farms to control the supply of certain vegetables. how would you classify this strategic move? select one: a. horizontal integration b. forward integration c. backward integration d. concentric integration

Answers: 2

continue

Business, 22.06.2019 13:30, ayoismeisalex

On january 2, well co. purchased 10% of rea, inc.’s outstanding common shares for $400,000, which equaled the carrying amount and the fair value of the interest purchased in rea’s net assets. well did not elect the fair value option. because well is the largest single shareholder in rea, and well’s officers are a majority on rea’s board of directors, well exercises significant influence over rea. rea reported net income of $500,000 for the year and paid dividends of $150,000. in its december 31 balance sheet, what amount should well report as investment in rea?

Answers: 3

continue

Business, 22.06.2019 18:30, thomaskilajuwon

Afarmer is an example of what kind of producer?

Answers: 2

continue

Do you know the correct answer?

Chrissie and Mirinda want to form a corporation. Chrissie contributes property worth $750,000 and a...