Sandy and Greta form Tan,Inc.by transferring the following assets to the corporation in exchange for 1,000 shares of stock each.
Sandy: Cash of $100,000
Greta: Land (worth $100,000;adjusted basis of $60,000).
How much gain must Tan recognize on the receipt of these assets?

Question

Quizplus · Accepted Answer

The Answer of Sandy and Greta form Tan,Inc.by transferring the following assets to the corporation in exchange for 1,000 shares of stock each.
Sandy: Cash of $100,000
Greta: Land (worth $100,000;adjusted basis of $60,000).
How much gain must Tan recognize on the receipt of these assets?

Sandy and Greta Form Tan,Inc