Stacey, a cash-basis taxpayer, incorporated her COS practice. No liabilities were transferred. The following assets were transferred to the corporation:
Cash (checking account)
Computer equipment:
Adjusted basis $30,000
FMV $34,000
Original cost $40,000
Immediately after the transfer, Stacey owned 100% of the corporation's stock. What is the corporation's total basis for the transferred assets?
$30,000
$30,500
$34,000
$40,500
6 years ago
Answer
NOT RATED
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