Business, 04.04.2020 09:51 khamani623
Dennis contributed business assets to a new business in exchange for stock in the company. The exchange did not qualify as a tax-deferred exchange. The fair market value of these assets was $332,000 on the contribution date. Dennisās original basis in the assets he contributed was $155,000, and the accumulated depreciation on the assets was $117,750. What is the business's basis in the assets it received from Dennis? What would be the business's basis if the transaction qualified as a tax-deferred exchange?
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Dennis contributed business assets to a new business in exchange for stock in the company. The excha...
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