Shania,Taylor,and Kelly Form a Corporation with the Following Contributions

question 91

Multiple Choice

Shania,Taylor,and Kelly form a corporation with the following contributions.

• A)If the corporation is a C corporation,Taylor has a recognized gain of $40,000,a stock basis of $100,000,and the corporation has a basis for the land of $100,000.
• B)If the corporation is an S corporation,Kelly has a recognized gain or loss of $0,a stock basis of $110,000,and the corporation has a basis for the building of $110,000.
• C)If the corporation is a C corporation,Shania has a recognized gain or loss of $0,a stock basis of $100,000,and the corporation has a basis for the cash of $100,000.
• D)Only a.and c.are correct.
• E)Only b.and c.are correct.

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