Yvonne Simon Form Ion Corporation Yvonne Transfers Equipment Basis 435 000 Fair Market Val Q18798062

Exercise 18-23 (Algorithmic) (LO. 3) Yvonne and simon form Ion Corporation. Yvonne transfers equipment (basis of $435,000 and fair market value of $652,500). simon invests $522,000 of cash. They each receive 100 shares in lon Corporation, worth $522,000, but Yvonne also receives $130,500 in cash from lon. in the equipment. Yvonne has a basis of s for her stock and Simon has a Ion Corporation has a basis of for his stock. basis ofYvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $435,000 and fair market value of $652, 500). Simon invests $522,00 of cash. They each receive 100 shares in Ion Corporation, worth $52,000, but Yvonne also receives $130, 500 in cash from Ion. Ion Corporation has a basis of $ in the equipment. Yvonne has a basis of $ for her stock and Simon has a basis of $ for his stock. Show transcribed image text

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