Tax MCQ
MBA Tax Chapter 3
Roberta Warner and Sally Roger formed the Acme Corporation on October 1, 2015. On the same date Warner paid $75,000 cash to Acme for 750 shares of its common stock. Simultaneously, Roger received 100 shares of Acme's common stock for services rendered. How much should Roger include as taxable income for 2015, and what will be the basis of her stock? Taxable Income Basis of Stock
Roberta Warner and Sally Roger formed the Acme Corporation on October 1, 2015. On the same date Warner paid $75,000 cash to Acme for 750 shares of its common stock. Simultaneously, Roger received 100 shares of Acme's common stock for services rendered. How much should Roger include as taxable income for 2015, and what will be the basis of her stock? Taxable Income Basis of Stock
Roberta Warner and Sally Roger formed the Acme Corporation on October 1, 2015. On the same date Warner paid $75,000 cash to Acme for 750 shares of its common stock. Simultaneously, Roger received 100 shares of Acme's common stock for services rendered. How much should Roger include as taxable income for 2015, and what will be the basis of her stock?
Taxable Income Basis of Stock
A. 10,000 0
B. 0 0
C. 10,000 10,000
D. 0 10,000
Answer: C
Learn More :
