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civil action in which one person brings a personal suit against another to obtain compensation -or other relief for the harm suffered

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In a qualifying Section 351 transaction, Sarah transferred a building to Handle Co. in exchange for 100% of its stock. At the date of transfer, the building had a basis of $200,000, a fair market value of $225,000, and was subject to a liability of $210,000, which the corporation assumed. How much gain does Sarah recognize, and what is her basis in the shares of stock that she received?a)$10,000 recognized gain; $210,000 stock basisb)$25,000 recognized gain; $0 stock basisc)$10,000 recognized gain; $0 stock basisd)$0 recognized gain; $200,000 stock basis

Ron, John, & Mary have discussed and arranged forming a business together. Ron and Mary exchange the following for stock on Oct. 10; John makes his exchange on Nov. 1. Their ultimate ownership is as follows:Ownership Asset Basis Fair Market Value Ron (furniture)20%$15,000$40,000John (services)25%$0$50,000Mary (building)55%$40,000$110,000Total100%$55,000$200,000How much income/gain must be recognized by Ron, John, and Mary, respectively?a)$0, $0, $0b)$0, $50,000, $0c)$25,000, $50,000, $70,000d)$25,000, $0, $70,000

Jen & John each own 50% of JJ, Inc. (100 shares each). Jen contributes $40,000 of additional appreciated property (tax basis of $25,000) in exchange for an additional 20 shares. John contributes $75,000 of additional appreciated property (tax basis of $55,000) in exchange for an additional 30 shares and a car worth $15,000 ($10,000 basis in the hands of the corporation). What is John's basis in the 30 shares and the car he received?a)$60,000 stock basis; $10,000 car basisb)$60,000 stock basis; $15,000 car basisc)$55,000 stock basis; $10,000 car basisd)$55,000 stock basis; $15,000 car basis

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