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Roberta and Sally formed the Alder Corporation on October 1, 2019. On the same date, Roberta paid $75,000 cash to Alder Corporation for 1,500 shares of the corporation's common stock. Simultaneously, Sally received 100 shares of Alder Corporation's stock for services rendered. How much should Sally include in her taxable income for 2019, and what will be the basis of her Alder Corporation stock?

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Answer:

How much should Sally include in her taxable income for 2019,

  • $5,000

and what will be the basis of her Alder Corporation stock?

  • $5,000

Explanation:

Since Roberta paid $75,000 for 1,500 stocks of Alder corporation, it means that each stock is worth = $75,000 / 1,500 stocks = $50 per stock.

Sally was paid 100 stocks for her work, so she must report that amount as part of her gross income = 100 stocks x $50 per stock = $5,000

Sally's basis in the corporation = the amount of stocks she possesses = 100 x $50 = $5,000

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