Remote Corporation Stock Essay Assignment

Remote Corporation Stock Essay Assignment

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Susan transfers land to Remote corporation for 100% of its stock. Susan’s basis in the land was $25,000 at the time of the transfer. Remote corporation also assumes Remote’s mortgage of $50,000.

If the fair value of the land is $100,000, then Susan must recognize a $ gain. Susan’s basis in the Remote corporation stock will be $blank. Remote’s corporation’s basis in the land will be $blank.

If the fair value of the land is $40,000, then Susan must recognize a $blank gain. Susan’s basis in the Remote corporation stock will be $blank. Remote corporation’s basis in the land will be $blank.

If the fair value of the land is $75,000 and Susan receives $10,000 of boot, then Susan recognizes a $blank gain. Susan’s basis in the stock received is $blank and Susan’s basis in the boot received is $blank.  Remote corporation’s basis in the land will be $blank.

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