[Anonymous]

I used Becker, and at least for me, the general consensus was that you use basis (or with a C Corp, liab assumed if > basis) when contributing assets to a C Corp, S Corp, or Partnership. Becker mentions briefly, followed by like 3 or 4 questions, that you use fair value when there is less than 80% control after contribution or if services were performed, which I figured would be rarely tested. Man was I wrong!!!!

Anyone else share my frustration or am I just an idiot! I remember walking out of REG in May feeling OK, then talked to my CPA Dad who said fair value is typically used in the scenarios I was describing. This probably explains my 74, which I am appealing for the hell of it.

Please note that I am not disclosing any test information, just venting and trying to figure out why I got a 74 and requesting help!