The stock of Eagle, Inc.is owned as follows: $$\begin{array} { l r }
\text { Tom } & 23 \% \
\text { Tom's uncle } & 22 \% \
\text { Tom's daughter } & 7 \% \
\text { Tom's sister } & 15 \% \
\text { Tom's spouse } & 15 \% \
\text { Tom's nephew } & 8 \% \
\text { Tom's CPA, unrelated } & 10 \%
\end{array}$$ Tom sells land and a building to Eagle, Inc.for $212,000.His adjusted basis for these assets is $225,000.Calculate Tom's realized and recognized loss associated with the sale.

Question

The stock of Eagle, Inc.is owned as follows: $$\begin{array} { l r } 
\text { Tom } & 23 \% \
\text { Tom's uncle } & 22 \% \
\text { Tom's daughter } & 7 \% \
\text { Tom's sister } & 15 \% \
\text { Tom's spouse } & 15 \% \
\text { Tom's nephew } & 8 \% \
\text { Tom's CPA, unrelated } & 10 \%
\end{array}$$ Tom sells land and a building to Eagle, Inc.for $212,000.His adjusted basis for these assets is $225,000.Calculate Tom's realized and recognized loss associated with the sale.

Quizplus · Accepted Answer

The Answer of The stock of Eagle, Inc.is owned as follows: $$\begin{array} { l r } 
\text { Tom } & 23 \% \
\text { Tom's uncle } & 22 \% \
\text { Tom's daughter } & 7 \% \
\text { Tom's sister } & 15 \% \
\text { Tom's spouse } & 15 \% \
\text { Tom's nephew } & 8 \% \
\text { Tom's CPA, unrelated } & 10 \%
\end{array}$$ Tom sells land and a building to Eagle, Inc.for $212,000.His adjusted basis for these assets is $225,000.Calculate Tom's realized and recognized loss associated with the sale.

The Stock of Eagle, Inc Tom Sells Land and a Building to Eagle, Inc