Business, 06.09.2019 21:30 ondray3435

Nick and nora form nn corporation, with each receiving 50% of the stock. nick contributes property with a fair market value of $40,000 (adjusted basis of $32,000) and nora contributes property with fmv of $2,000 (adjusted basis of $1,000) and services valued at $38,000. how much income or gain must nick recognize on the formation of nn corporation?

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Nick and nora form nn corporation, with each receiving 50% of the stock. nick contributes property w...

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