FED TAX II CH 8 FORMULAS

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7 Terms

1
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amount realized

cash + FMV property - liability assumed by buyer - liability assumed by seller - selling expense = ?

2
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gain realized

amount realized- adjusted basis = ?

3
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stock basis

cash + adjusted basis of property + gain recognized - FMV of boot - liability by corporation = ?

4
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gain realized

FMV - AB = ?

5
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corporations basis in the asset

carryover basis of shareholder + gain recognized by shareholder = ?

6
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recognized gain

lesser of realized gain OR boot recieved = ?

7
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no boot

no recognized gain ( gain = 0)