Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 20, Problem 30CE
a.
To determine
Determine shareholder B’s dividend income.
b.
To determine
Determine basis in the land.
c.
To determine
Determine tax consequences for E Corporation.
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Students have asked these similar questions
Golden Corporation has sufficient current E&P. It distributes a land (FMV = $3,000, basis = $4,000) to its shareholder Paul. The land is subject to a liability of $5,000 which Paul assumes.
What is Golden's recognized gain or loss (if any)?
What is Paul's dividend income (if any)?
What is Paul's basis in the land?
You answered
1. Jay transfers land worth $10,000 to a corporation for all the shares. Jay's adjusted basis in the land was $3,000. Jay's gain realized is and Jay's gain recognized is .
2. What are the requirements for a taxpayer to be able to defer gain on the transfer of assets to a corporation in exchange for stock? (Give all 5 requirements)
3. What or who is treated as a person for tax purposes? Answer in alphabetical order:
4. Sara performs services for a corporation and receives stock worth $20,000 which represents 20% of the stock. Henry transfers land worth $80,000 with a basis of $15,000 for 80% of the stock. Did Sara transfer property to the corporation?
a. What is Sara's basis in the land?
b What is Sara's holding period in the stock?
5. H transfers land to a corporation Z in exchange for stock. With respect to the stock:
a) Who is the transferor
b) Who is the transferee
a. What amount of gain or loss does Zhang recognize on the transfer of the property to her corporation?
b. What is Zhang’s tax basis in the stock she receives in the exchange?
Chapter 20 Solutions
Individual Income Taxes
Ch. 20 - Prob. 1DQCh. 20 - LO.1 Sylvia and Trang want to enter into business...Ch. 20 - Prob. 3DQCh. 20 - Prob. 4DQCh. 20 - Prob. 5DQCh. 20 - LO.3, 4, 5 Contrast the income taxation of...Ch. 20 - LO.3, 8, 9 The taxpayer has generated excess...Ch. 20 - Prob. 8DQCh. 20 - Prob. 9DQCh. 20 - Prob. 10DQ
Ch. 20 - Prob. 11DQCh. 20 - Prob. 12DQCh. 20 - Prob. 13DQCh. 20 - Prob. 14DQCh. 20 - LO.5 Beige Corporation has a fiscal year ending...Ch. 20 - Prob. 16DQCh. 20 - Prob. 17DQCh. 20 - Prob. 18DQCh. 20 - Prob. 19DQCh. 20 - Prob. 20DQCh. 20 - Prob. 21DQCh. 20 - Blaine, Cassie, and Kirstin are equal partners in...Ch. 20 - LO.3 Green Corporation, a calendar year taxpayer,...Ch. 20 - Prob. 24CECh. 20 - Prob. 25CECh. 20 - LO.4 Gold and Silver are two unrelated calendar...Ch. 20 - Prob. 27CECh. 20 - Prob. 28CECh. 20 - Prob. 29CECh. 20 - Prob. 30CECh. 20 - Prob. 31CECh. 20 - Prob. 32CECh. 20 - Prob. 33CECh. 20 - LO.3, 4, 5 Using the legend provided below,...Ch. 20 - LO.3 Garnet incurs the following capital asset...Ch. 20 - Prob. 36PCh. 20 - LO.3 Taupe, a calendar year taxpayer, has a...Ch. 20 - LO.3, 8 Robin incurred the following capital...Ch. 20 - Prob. 39PCh. 20 - Prob. 40PCh. 20 - Prob. 41PCh. 20 - Prob. 42PCh. 20 - Prob. 43PCh. 20 - Prob. 44PCh. 20 - Prob. 45PCh. 20 - Prob. 46PCh. 20 - Prob. 47PCh. 20 - Prob. 48PCh. 20 - Prob. 49PCh. 20 - Prob. 50PCh. 20 - During the current year, Thrasher (a calendar...Ch. 20 - Prob. 52PCh. 20 - Prob. 53PCh. 20 - Prob. 54PCh. 20 - Prob. 55PCh. 20 - LO.9 The Pheasant Partnership reported the...Ch. 20 - Prob. 57PCh. 20 - Prob. 58PCh. 20 - Prob. 59PCh. 20 - Prob. 1RPCh. 20 - Prob. 2RPCh. 20 - Prob. 3RPCh. 20 - Prob. 5RPCh. 20 - On January 1, year 5, Olinto Corp., an accrual...Ch. 20 - Prob. 2CPACh. 20 - Prob. 3CPACh. 20 - Prob. 4CPACh. 20 - Prob. 5CPACh. 20 - Prob. 6CPACh. 20 - Prob. 7CPA
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