F and G Formed a Corporation on March 1 This

question 50

Multiple Choice

F and G formed a corporation on March 1 this year.F transferred equipment worth $40,000 (basis $15,000) in exchange for 40 shares of stock, and performed services worth $10,000 in exchange for 10 shares of stock.In exchange for 50 shares of stock, G contributed land worth $70,000 (basis $9,000) subject to a mortgage of $20,000, which the corporation assumed.What amount of gross income must F recognize due to the incorporation transaction?

• A)$0
• B)$10,000
• C)$25,000
• D)$35,000
• E)None of the above

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Definitions:

Capital Assets

Long-term assets acquired for operating purposes, including land, buildings, machinery, and equipment, which are not easily convertible into cash.

Exchange Rates

The equivalent worth of one currency in another during exchange.

Exchange Gain/Loss

The gain or loss resulting from the fluctuation in exchange rates affecting the value of transactions in foreign currencies.

Acquisition Differential

The difference between the purchase price of a company and the fair market value of its identifiable net assets.