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McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068 Exercise 63
Dennis contributed business assets to a new business in exchange for stock in the company.The exchange did not qualify as a nontaxable exchange.The fair market value of these assets was $287,000 on the contribution date.Dennis's original basis in the assets he contributed was $143,000, and the accumulated depreciation on the assets was $78,000.What is the business's basis in the assets it received from Dennis? What would be the business's basis if the transaction qualified as a nontaxable exchange?
Explanation
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Determine business basis in the assets
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McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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