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Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $206,800 and fair market value of $310,200). Simon invests $248,160 of cash. They each receive 100 shares in Ion Corporation, worth $248,160, but Yvonne also receives $62,040 in cash from Ion.


Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the Ion stock.


Ion Corporation has a basis of $.........in the equipment. Yvonne has a basis of $ ........for her stock and Simon has a basis of $........ for his stock.

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Answer:

Step-by-step explanation:

Given the data above :

Yvonne's basis in the Ion stock:

Realized gain:

Fair market value of equipment + cash Received from ion - basis

= 310,200 + 62040 - 206800 = 165,440

Recognized gain = $62,040(cash Received from Ion

Yvonne's basis = $206,800 (equipment basis)

Simon's basis = $248,160 ( cash investment).

Ions :

Yvonne's basis +. Recognized gain

206,800 + 62,040 = $268,840

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