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Stacey, a cash-basis taxpayer, incorporated her COS

practice. No liabilities were transferred...
Stacey, a cash-basis taxpayer, incorporated her COS practice. No liabilities were transferred. The following assets were transferred to the corporation:
Cash (checking account)
Computer equipment:
Adjusted basis $30,000
FMV $34,000
Original cost $40,000
Immediately after the transfer, Stacey owned 100% of the corporation's stock. What is the corporation's total basis for the transferred assets?
$30,000
$30,500
$34,000
$40,500
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Answered in 27 minutes by:
3/21/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you out.
The basis of the assets it's what transfers in a 351 exchange, so the corporation would have a $30,000 basis in the assets.
Let me know if you need anything else. If not please leave a rating. Thanks!
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Customer reply replied 30 days ago
I am sorry, but I forgot to list the $500 in cash. Would the answer be $30,500?
Yea, $30,500
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
Experience: Adjunct Professor
Verified
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Customer reply replied 30 days ago
Thank you.
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