Norman transfers machinery that has a $75,000 basis and a $135,000 FMV to Elnor Corporation in exchange for 50 shares of Elnor stock. The machinery, purchased 4 years ago and used in Norman's business, originally cost him $150,000 (Norman has taken $75,000 in depreciation deductions prior to the exchange) and is subject to an $84,000 liability, which Elnor Corporation assumes. Kate exchanges $51,000 cash for the remaining 50 shares of Elnor stock. Required:
a. What are the amount and character of Norman’s recognized gain or loss?
b. What is Norman’s basis in his Elnor stock?
c. What is Elnor’s basis in the machinery?
d. What are the amount and character of Nancy’s recognized gain or loss?
e. What is Nancy’s basis in her Elnor stock?
f. When do Norman and Nancy’s holding periods for their stock begin?
g. Would your answers to parts (a) through (f) change if Nancy provided $97,000 of services and $5,000 in cash instead of $102,000 cash in exchange for the stock? If so, redo parts (a) through (f) to reflect this.

The sun generates both mechanical and electromagnetic waves. which statement about those wave is true?

John throws .4 kg ball with velocity of 18 m/s. hits .2 kg bottle and bottle flies 25 m/s. how fast is ball traveling after hitting the bottle?

An isolated conducting spherical shell carries a positive charge. part a which statement (or statements) about the electric field and the electric potential inside and outside the spherical shell is correct? which statement (or statements) about the electric field and the electric potential inside and outside the spherical shell is correct? electric potential inside the shell is constant and outside the shell is changing as 1/r2 both the electric potential and the electric field does change with r inside and outside the spherical shell electric potential inside and outside the shell is constant, but not zero electric potential inside the shell is constant and outside the shell is equal to zero electric field inside and outside the shell is constant (does not change with the position r), but is not equal to zero electric field inside and outside the shell is changing as 1/r (where r is the distance from the center of the sphere) electric field inside is equal to zero and outside the shell is constant, but not zero electric potential inside the shell is constant and outside the shell is changing as 1/r electric field inside and outside the shell is changing as 1/r2 electric field inside is equal to zero and outside the shell is changing as 1/r2 electric field inside and outside the shell is zero electric field inside is constant and outside the shell is changing as 1/r