微信扫一扫
实时资讯全掌握
| Rela Associates, a partnership, transferred all of its assets, with a basis of $300,000, along with liabilities of $50,000, to a newly formed corporation in return for all of the corporation’s stock. The corporation assumed the liabilities. Rela then distributed this stock to its partners in liquidation. In connection with this incorporation of the partnership, Rela recognizes A. Gain, but not loss, on the transfer of its assets to the corporation. B. No gain or loss on the transfer of its assets, nor on the assumption of Rela’s liabilities by the corporation. C. Gain or loss on the transfer of its assets to the corporation. D. Gain on the assumption of Rela’s liabilities by the corporation. |