Jeremy Operates a Business as a Sole Proprietorship

question 108

Multiple Choice

Jeremy operates a business as a sole proprietorship. The proprietorship uses the cash method of accounting. He decides to incorporate and transfers the assets and liabilities of the sole proprietorship to the newly formed corporation in exchange for its stock. The assets, which include $10,000 of accounts receivable with a zero basis, have a basis of $20,000 and an FMV of $40,000. The liabilities include accounts payable of $12,000, which will be deductible when paid, and a note payable on medical equipment of $7,000. Jeremy's basis for his stock is

• A)$40,000.
• B)$20,000.
• C)$13,000.
• D)$8,000.

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Definitions:

Classes

Categories or groupings into which data points are organized for statistical analysis or presentation.

Cumulative Relative Frequency

A measure showing the percentage of observations that fall below a particular value in a dataset.

Total Number

The sum or total count of units or elements in a set or group.

Data Set

A collection of data points or values gathered from experiments or observations.