(Answered) Question - alan and brigitte form new co alan receives 300

Accounting

Question - Alan and brigitte form new co. Alan receives 300 shares and contributes property with an adjusted basis of $15,000 and a fair market value of $11,000. The property is subjuect to an $8,000 mortgage. Brigitte receives 700 shares and contributes $7,000 cash. What is Alan's basis in his 300 NewCo share? What is Brigitte's basis in her 700 NewCo shares? How would your answers differ if the mortgage on the property transferred by Alan had a mortgage of $20,000 and a Fair market value of $40,000?

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