Business, 12.03.2020 18:51 einsigcn8481
Allie forms Broadbill Corporation by transferring land (basis of $125,000, fair market value of $775,000), which is subject to a mortgage of $375,000. One month prior to incorporating Broadbill, Allie borrows $100,000 for personal reasons and gives the lender a second mortgage on the land. Broadbill Corporation issues stock worth $300,000 to Allie and assumes the mortgages on the land.
What are the tax consequences to Allie and to Broadbill Corporation?
Answers: 1
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Allie forms Broadbill Corporation by transferring land (basis of $125,000, fair market value of $775...
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