Chris contributes to the corporation property with the basis, accounting homework help

Chris contributes to the corporation property with the basis to him of $30,000 and a fair market value at the time of the contribution of $48,000 in exchange for 900 shares of $10 par stop one year later how it was not related to Chris transfers property with the basis of $4000 and fair market value of $900 for 100 shares of $10 par value stock what is the recognized gain or loss to Chris and Hal?

Chris

900 shares for $10 par

Property:

Basis

FMV

$30,000

$48,000

Gain:

$18,000

Recognized:

No; $0

Basis for shares

$30,000

 
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