Answered

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zeppo and harpo are equal owners of the marx corporation. during the current year, they agree to admit groucho as a shareholder. groucho will contribute $35,000 in cash and property worth $75,000 (adjusted basis of $55,000) for 40% of marx corporation's stock. how much gain will groucho recognize from the transfer of the assets to the corporation?

Sagot :

groucho recognize from the transfer of the assets to the corporation is $22,000

What is a corporation stock?

An investment that represents ownership in a piece of the issuing corporation is referred to as a stock, which is also known as equity. Shares, commonly referred to as units of stock, provide its owners a proportionate part of the company's assets and earnings based on the number of shares they own.

Equal shareholders of the Marx Corporation are Zeppo and Harpo.

They consent to adding Groucho as a stakeholder for the present year.

groucho will contribute  $35,000

cash and property worth $75,000

djusted basis of $55,000

marx corporation's stock is 40%

groucho recognize from the transfer of the assets to the corporation is $22,000

To know more about corporation stock, visit:

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