Multiple Choice
Three individuals transferred property to newly formed Triple Inc.in exchange for 1,000 shares of common stock.Mr.Albert transferred assets with a $50,000 tax basis in exchange for 820 shares,Mrs.Billig transferred assets with a $9,000 tax basis in exchange for 148 shares,and Mrs.Crisp transferred $4,000 cash for 32 shares.Based on the FMV of the transferred assets,each Triple share is worth $125.Which of the following is false?
A) Mr.Albert's tax basis in his 820 shares is $50,000.
B) Triple Inc.'s tax basis in the assets transferred by Mrs.Billig is $9,000.
C) Mrs.Crisp's tax basis in her 32 shares is $4,000.
D) None of the above is false.
Correct Answer:

Verified
Correct Answer:
Verified
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