I'm in a bind... I'm trying to figure out how much basis a transferor for shares of a corporation receives. I've got Wiley's MC questions telling me that their basis is carried over to the shares of stock, and CPAreview.com is telling me that their FV at time of transfer is their new basis in the stock.
I would understand if someone controlled the corporation that their basis is just transferred, but the MC infers something else! Can someone please help? Exam tomorrow!!!! :(
Aud - 65 + 79, BEC - 82, REG - 89, FAR - 86
