three people are starting with business in which


Three people are starting with business, in which first person is contributing with $200,000 for a 40 % ownership interest, second person is contributing with a building as of value of $200,000 and tax basis of $150,000 for a 40 % ownership interest, and third person is contributing by legal services for a 20 % ownership interest into business as to start that business, what amount of gain each person is required to identify under business if formed as C, S , and LLC corporation?

Request for Solution File

Ask an Expert for Answer!!
Financial Accounting: three people are starting with business in which
Reference No:- TGS0484505

Expected delivery within 24 Hours