C Corp & S Corp shareholder basis in stocks received on incorporation:
Adjusted basis of contributed property
+Gain recognized by shareholder
-Liability assumed by corporation
-boot received
C Corp & S Corp basis in property received on incorporation:
Adjusted basis of contributed property
+Gain recognized by shareholder
Note: corporation does not recognize any gain or loss in issuance of stock
Changes in basis C Corp:
Adjust basis for any stock splits and any subsequent contribution
Basis of distributed property to a shareholder: FMV
Changes in basis in S corp:
Adjust basis for any subsequent contribution, share in income including tax exempt, distribution from AAA/AOA, share in losses including non-deductible expenses
Partner's basis in transferred property:
Adjusted basis – liabilities assumed by partnership + Partner's share in liabilities assumed by partnership
Partner's basis in services contributed to the partnership: FMV
Partnership's basis in property received: Adjsuted basis in the hands of the partner
Changes in Partner's basis:
Adjust basis for any increases or decreases in liabilities, subsequent contribution, share in income including tax exempt, distribution, share in losses including non-deductible expenses
Note basis cannot be below zero
I believe these are the fundamentals that you would need to be able to answer most of the questions. Please always note if the question is asking about basis in the hands of the shareholder or partner or in the hands of the entity.
Anyone, please feel free to add anything else you remember.
Hope this helps
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