Barry and Irv form Swift Corporation.Barry transfers cash of $100,000 and equipment (basis of $300,000 and fair market value of $400,000)for 50% of Swift's stock.Irv transfers land and building (basis of $510,000 and fair market value of $450,000)and agrees to manage the business for one year for the other 50% of Swift's stock.The value of Irv's services for one year is $50,000.
Definitions:
Private Lands
Areas of land owned by individuals or companies rather than by the government or public entities.
National Parks
Protected areas intended for the preservation of natural beauty, biodiversity, and cultural heritage, accessible for public enjoyment and education.
Human Activities
Actions and behaviors undertaken by humans that impact the natural world and each other, ranging from industrial production to leisure activities.
Funding
The act of providing financial resources, typically money, or other values such as effort or time, to support a program, project, individual, or organization.
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