(SOLVED) At a point when Robin Corporation has been in

existence
At a point when Robin Corporation has been in existence for six years, share holder Ted
transfers real estate (adjusted basis of $20,000 and fair market value of $100,000) to the
corporation for additional stock. At the same time, Peggy, the other shareholder, acquires one
share of stock for cash. […]

Four friends plan to form a corporation for purposes of constructing a shopping center. Charlie
will be contributing the land for the project and wants more security than shareholder status
provides. He is contemplating two possibilities: receive corporate bonds for his land or take out
a mortgage on the land […]

Nancy and her daughter, Kathleen, have been working together in a cattery called “The Perfect
Cat.” Nancy formed the business in 2000 as a sole proprietorship, and it has been very
successful. Assets have a fair market value of $450,000 and a basis of $180,000. On the advice
of their […]

What is the control requirement of § 351? Describe the effect of the following in satisfying this
requirement: a. A shareholder renders only services to the corporation for stock. b. A
shareholder renders services and transfers property to the corporation for stock. c. A
shareholder has only momentary control after […]

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Frank, Cora, and Mitch are equal shareholders in Purple Corporation. The corporation’s assets
have a tax basis of $50,000 and a fair market value of $600,000. In the current year, Frank and
Cora each loan Purple Corporation $150,000. The notes to Frank and Cora bear interest of 8%
per annum. […]

Gigi transfers real estate (basis of $60,000 and fair market value of $40,000) to Monarch
Corporation in exchange for shares of § 1244 stock. (Assume that the transfer qualifies under §
351.) a. What is the basis of the stock to Gigi? (Gigi and Monarch do not make an election […]

Three years ago and at a cost of $40,000, Paul Sanders acquired stock in a corporation that
qualified as a small business corporation under § 1244. A few months after he acquired the
stock, when it was still worth $40,000, he gave it to his brother, Mike Sanders. Mike, who […]

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