Andre formed a corporation and owns all the stock.He contributed property with a FMV of $10,000 and a basis of $7,000 and he received $1,000 cash from the corporation.Andre's taxable gain is:

Question

Quizplus · Accepted Answer

The Answer of Andre formed a corporation and owns all the stock.He contributed property with a FMV of $10,000 and a basis of $7,000 and he received $1,000 cash from the corporation.Andre's taxable gain is:

Andre Formed a Corporation and Owns All the Stock