Camilla and Dean form Grouse Corporation with the following investment:
From Camilla
From Dean
Cash
$300,000
Property (basis of $320,000;fair market value of $330,000)
$330,000
Camilla and Dean each receive 300 shares of stock in Grouse Corporation and,in addition,Dean receives $30,000 in cash.As a result of the transfer,Dean's basis in the stock and Grouse's basis in the property will be:
A) $330,000 and $300,000.
B) $300,000 and $330,000.
C) $310,000 and $300,000.
D) $290,000 and $310,000.
E) None of the above.
Correct Answer:
Verified
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