Mitchell and Powell Form Green Corporation

question 56

Multiple Choice

Mitchell and Powell form Green Corporation. Mitchell transfers property (basis of $105,000 and fair market value of $90,000) while Powell transfers land (basis of $8,000 and fair market value of $75,000) and $15,000 of cash. Each receives 50% of Green Corporation's stock (total value of $180,000) . As a result of these transfers:

• A) Mitchell has a recognized loss of $15,000, and Powell has a recognized gain of $67,000.
• B) Neither Mitchell nor Powell has any recognized gain or loss.
• C) Mitchell has no recognized loss, but Powell has a recognized gain of $15,000.
• D) Green Corporation will have a basis in the land of $23,000.
• E) None of the above.

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Definitions:

Emphasized Femininity

A set of socially constructed ideas and practices about femininity that emphasizes traits like nurturance, compliance, and supportiveness as ideal for women.

Expected Gender Roles

Social norms dictating the expected behaviors, traits, and responsibilities assigned to individuals based on their gender.

Symbolic Interactionism

A sociological perspective focusing on the ways in which people create meaning through their social interactions.

Theoretical Perspective

A specific viewpoint or set of assumptions that guides researchers in their studies of human behaviors and societal structures.