27. Gis a cash basis consultant. His balance sheet at the end of the year shows receivables of $100 and accounts payable for utilities of $30. a) What is G's basis in the receivables? b) If G...

Extracted text: 27. Gis a cash basis consultant. His balance sheet at the end of the year shows receivables of $100 and accounts payable for utilities of $30. a) What is G's basis in the receivables? b) If G transfers the receivables to a new corporation in exchange for 100% of the stock and the corporation assumes the liabilities is G taxed on the transfer?