In 2010 Jack purchased a vehicle for $10,000 cash which was comprised of $5,000 of cash he put down and $5,000 of debt he took out for the purchase. In 2020 Jack transferred this vehicle into X corporation. At the time of the transfer the vehicle had a FMV of $20,000 and was still subject to the $5,000 of the debt. X corporation received the vehicle subject to the debt and transferred 100 shares of X corporation to Jack. X corporation also transferred 100 shares to Jill in exchange for $15,000 cash. X corporation's total outstanding shares at the time equaled 200. Jack's amount realized in this transaction equals $15,000.
a. True
b. False

Question

Pandre2022 Pandre2022

17-07-2024
Business

Answered

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In 2010 Jack purchased a vehicle for $10,000 cash which was comprised of $5,000 of cash he put down and $5,000 of debt he took out for the purchase. In 2020 Jack transferred this vehicle into X corporation. At the time of the transfer the vehicle had a FMV of $20,000 and was still subject to the $5,000 of the debt. X corporation received the vehicle subject to the debt and transferred 100 shares of X corporation to Jack. X corporation also transferred 100 shares to Jill in exchange for $15,000 cash. X corporation's total outstanding shares at the time equaled 200. Jack's amount realized in this transaction equals $15,000.
a. True
b. False

Sagot :

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