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Krissy Kraus and Manny Martin form K&M Corp. Krissy transfers land with an adjusted basis of $12,000 for stock worth $15,000 and $5,000 cash.


1. Krissy Kraus and Manny Martin form K&M Corp.  Krissy transfers land with an adjusted basis of $12,000 for stock worth $15,000 and $5,000 cash.  Manny transfers a backhoe with an adjusted basis of $30,000 for stock worth $11,000 and $7,000 cash.  What is Krissy's realized gain/loss?  Will she recognize any of that gain/loss? What is Manny's realized gain/loss? Will he recognize any of that loss?

2. Billy Barker, a married taxpayer, has basis in IRC 1244 stock of $120,000.  Billy sells the stock for $50,000.  What is his gain or loss? How much is ordinary? How much is capital?

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Oct 15, 2019

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