Solved

During 2013,Mercedes Incorporates Her Accounting Practice What Is the Corporation's Total Basis in All of the Following

Question 80

Multiple Choice

During 2013,Mercedes incorporates her accounting practice.Mercedes is the sole shareholder.The following assets are transferred to the corporation:
 Cash $1,000 Computer equipment:  Fair market value 10,000 Adjusted basis 6,000 Original cost 12,000\begin{array} { l r } \text { Cash } & \$ 1,000 \\\text { Computer equipment: } & \\\text { Fair market value } & 10,000 \\\text { Adjusted basis } & 6,000 \\\text { Original cost } & 12,000\end{array}
What is the corporation's total basis in all of the transferred assets?


A) $ 6,000
B) $ 7,000
C) $10,000
D) $11,000
E) $13,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents