22 Jul HOW WOULD YOU ANSWER TO PART A CHANGE IF CARL INSTEAD HAD CONTRIBUTED $800 CASH AS WELL AS SERVICES WORTH $6700?
Transferor item tra Show more Al bob and carl form west corporation and transfer the following items to west: Transferor item transferor basis FMV shares reveived Al patent 0 $25000 1000 common Bob cash $25000 $25000 250 preferred Carl services 0 $7500 300 common common stock has voting rights preferred does not. a. Is the exchange nontaxable under Sec.351? Explain the tax consequenses of the exchange to Al Bob Carl and West. b. How would your answer to Part a change if Bob instead had received 200 hsares of common stock and 200 shares of preferred stock? c. How would you answer to Part a change if Carl instead had contributed $800 cash as well as services worth $6700? Show less
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