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j transferred land worth 50000 to his controlled corp for stockof the corp worth 20000 & cash of 20000. The basis of theproperty to him was 15000 & was subject to a 10000 mortgage9non-bona fide business purpose), which the corp assumed. J mustreport a gain of how much?

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Hubert Koch
Hubert KochLv2
28 Sep 2019

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For Bona Dude Business Purposes Dave Transferred The FollowingProperty To X Corp., And X Assumed ... Question: For bona dudebusiness purposes Dave transferred the following property to XCorp., and X assumed... For bona dude business purposes Davetransferred the following property to X Corp., and X assumed the&50,000 mortgage Building and land. Asset basis $120,000Mortgage $50000 Fair market value $160000 Various equipment 60000.FMV 40000 In exchange Dave received 100% of Xs only class of stock.What is Xs basis in the property received after the exchange

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