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1. In a tranfer that qualified under sec. 351, George transferred equipment worth $750,000 (adjusted basis $400,000, depreciation recapture potential $75,000). The equipment was subject to a $150,000 loan, which the transferee corporation assumed as part of this transaction. In exchange, George received (1) CS of the transferee corporation worth $425,000, (2) promissory notes of the transferee corporation worth $100,000 and (3) cash of $75,000 (i.e., total consideration $500,000, with loan assumption included). Answer each question below, which relate to this transfer by George.
by George on this transaction.
Ãƒâ€šÃ‚Â· Determine the gain or loss
Ãƒâ€šÃ‚Â· Determine the basis that George will assign to the Promissory Notes received in this transaction.
A. None of the other answers is correct
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