
Corporate Formation
Authored by Govind Iyer
Business
University
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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Teresa incorporated her sole proprietorship by contributing land FMV $100,000 AB $25,000 and inventory FMV $15,000 AB $5,000 in exchange for stock. The FMV of the stock was equal to the FMV of the property transferred. What is the realized gain or loss to Teresa?
$115,000
$85,000
$75,000
$30,000
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Teresa incorporated her sole proprietorship by contributing land FMV $100,000 AB $25,000 and inventory FMV $15,000 AB $5,000 in exchange for stock. The FMV of the stock was equal to the FMV of the property transferred. What is the recognized gain or loss to Teresa?
$85,000
$115,000
$75,000
$0
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Teresa incorporated her sole proprietorship by contributing land FMV $100,000 AB $25,000 and inventory FMV $15,000 AB $5,000 in exchange for stock. The FMV of the stock was equal to the FMV of the property transferred. What is Teresa's basis in the stock?
$30,000
$115,000
$105,000
$40,000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Teresa incorporated her sole proprietorship by contributing land FMV $100,000 AB $25,000 and inventory FMV $15,000 AB $5,000 in exchange for stock. The FMV of the stock was equal to the FMV of the property transferred. What is the Corporation's basis in the land and inventory?
Land $100,000
Inventory $15,000
Land $100,000
Inventory $5,000
Land $25000
Inventory $5,000
Land $25000
Inventory $15,000,
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Martin incorporated his business by contributing Building FMV $250,000 AB $150,000 encumbered by a mortgate of $75,000 to form a solely owned corporation. The FMV of stock received was $175,000. What is his realized gain or loss?
$100,000
$0
$125,000
$175,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Martin incorporated his business by contributing Building FMV $250,000 AB $150,000 encumbered by a mortgate of $75,000 to form a solely owned corporation. The FMV of stock received was $175,000. What is his recognized gain or loss?
$100,000
$75,000
$25,000
$0
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Martin incorporated his business by contributing Building FMV $250,000 AB $150,000 encumbered by a mortgate of $75,000 to form a solely owned corporation. The FMV of stock received was $175,000. What is his basis in the stock received?
$100,000
$75,000
$0
$250,000
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