[Anonymous]

If someone contributes property to a corporation formation and the property liability exceeds the NBV value by 10,000 BUT also contributes cash in the amount of 20,000… Is there boot???

PLEASE someone answer this I will pay through paypal

Becker SIMULATION is confusing me REG (Simulation Group 1, Question #3)… Why isn’t the Tax Basis of Mitchell’s contribution 50,000?!?!?!?!?!

[goodluck2everyone2]

when liability exceeds NBV, the assumption of liability is a boot. Hoever, remember that gain recognized is the lesser of realized gain or boot received. The realized gain (which is 0) in this instance is less than the boot received, so gain recognized would be zero.

please transfer $10,000 to coolstorybro@gmail.com (no dont do that)

cool story bro

[foreseeableCPA]

@goodluck,

if he deposits 10k, lifeisgood for you, maybe not for the OP

CPA - Class of 2013
CIA - Class of 2016

[goodluck2everyone2]

haha But I promise that $10,000 will trickle down and help the rest of the A71 community. Republican economics baby

cool story bro

[Anonymous]

you're awesome man thanks… i will really paypal you a little money if you want it

[goodluck2everyone2]

no thanks, just study hard and pass the exam

cool story bro

[Author]

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