Homework Answers
a. Gain recognized by Blue = FMV - Adjusted basis = 120,000 - 90,000 = 30,000
b. Distribution taxable as dividend = FMV - Liability assumed = 120,000 - 30,000 = 90,000
c. Sue's basis in the equipment is = 120,000
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Without liquidating, Blue Corporation distributes equipment with a $90,000 adjusted basis and a $120,000 FMV to...
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Brian transfers to Woodside Corporation property having a $33,000 adjusted basis and a $48,000 FMV in exchange for all of Woodside's stock worth $12,000 and Woodside's assumption of a $36,000 mortgage on the property. Read the requirements. Requirement a. What is the amount of Brian's recognized gain or loss? Brian realizes a(n) and recognizes a. b. ooo What is the amount of Brian's recognized gain or loss? What is Brian's basis in the Woodside stock? What is Woodside's basis in...
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18. Identify which of the following statements is true. A) With limited exceptions, a loss can...
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Please show your work.
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Lucia transferred equipment (adjusted basis of $100,000 and fair market value of $500,000) to Gamma Corporation....
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Please read the following carefully. For each question, you should assume that: 1. unless expressly stated to...
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Turnip, Inc,. an S corporation, distributes a tract of land held as an investment (FMV=$82,000, basis=$22,000)...
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Brian transfers to Woodside Corporation property having a $33,000 adjusted basis and a $48,000 FMV in exchange for all of Woodside's stock worth $12,000 and Woodside's assumption of a $36,000 mortgage on the property. Read the requirements. Requirement a. What is the amount of Brian's recognized gain or loss? Brian realizes a(n) and recognizes a. b. ooo What is the amount of Brian's recognized gain or loss? What is Brian's basis in the Woodside stock? What is Woodside's basis in...
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Please show your work.
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