Carmen Carmen transfers land that is Sec. 1231 property, with an adjusted 351. below and basis of $18,000 and a FMV of $20,000 in exchange for one-half of the is Marc Apple Corporation stock. Marc transfers equipment that originally cost correct? form $28,000 on which he has taken $5,000 in depreciation deductions. The Apple equipment has a FMV of $25,000 and he receives one-half the stock and a $5,000 short-term note. The transaction meets the requirements of Sec.
Carmen and Marc form Apple Carmen transfers land that is Sec. 1231 property, with an adjusted basis of $18,000 and a FMV of $20,000 in exchange for one-half of the Apple Corporation stock. Marc transfers equipment that originally cost $28,000 on which he has taken $5,000 in depreciation deductions. The equipment has a FMV of $25,000 and he receives one-half the stock and a $5,000 short-term note. The transaction meets the requirements of Sec. 351. below is correct?
Test-Bank-Prentice-Halls-Federal-Tax-2010-23rd-Edition-Pope.docx