Problem
Case: Lakeside Inn
• Is the formation of Lakeside Inn Corp. a taxable event?
• What are the tax consequences to the corporation and the 2 shareholders upon the formation of Lakeside Inn Corp.
o Is the formation of the corporation a taxable transaction for the shareholders?
o What is the gain or loss realized by each shareholder?
o What is the gain or loss recognized by each shareholder?
o What is the basis of each shareholder in his corporation interest?
o What is the corporation's basis in the property transferred by the shareholders?
The response must include a reference list. Using one-inch margins, double-space, Times New Roman 12 pnt font and APA style of writing and citations.
Attachment:- Lakeside-Inn-Corp.rar