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Sheena Maskell Sheena Maskell
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7 years ago
Danielle transfers land with a $100,000 FMV (basis $95,000) and $85,000 of liabilities to a corporation in exchange for 100% of the corporation's stock with a FMV of $15,000. The corporation qualifies as a 351 transfer. The corporation assumes the $85,000 mortgage. What is the adjusted basis of the property to the corporation?
A) $0
B) $15,000
C) $95,000
D) $100,000
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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MsLippyMsLippy
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Sheena M. Author
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#2
7 years ago
Thank you so much
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