Business, 13.12.2019 17:31 blacksabbath6922

Earl and mary form crow corporation. earl transfers property, basis of $200,000 and value of $1,600,000, for 50 shares in crow corporation. mary transfers property, basis of $80,000 and value of $1,480,000, and agrees to serve as manager of crow for one year; in return mary receives 50 shares of crow. the value of mary’s services is $120,000. with respect to the transfers:

a. mary will not recognize any gain or income.
b. mary will recognize gain or income of $120,000.
c. mary will recognize gain or income of $1,300,000.
d. mary will recognize gain or income of $1,420,000.

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Earl and mary form crow corporation. earl transfers property, basis of $200,000 and value of $1,600,...

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