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Business, 16.06.2021 17:10 mbprez6029

Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $325,800 and fair market value of $488,700). Simon invests $390,960 of cash. They each receive 100 shares in Ion Corporation, worth $390,960, but Yvonne also receives $97,740 in cash from Ion. Required:
Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the Ion stock.

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Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $325,800 and fair market...
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