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In the current year, Matt, Tam, and Chris form Air Corporation. Matt contributes land (a capital...
In the current year, Mick Hank, and Lulu form Hades Corporation Mick contributes land (a capital...
In the current year, Mick Hank, and Lulu form Hades Corporation Mick contributes land (a capital asset) having a $125.000 FMV in exchange for 145 shares of Hades stock. He purchased the land three years ago for $140,000. Hank contributes machinery (Sec 1231 property purchased four years ago) having a $130,000 adjusted basis and a $75,000 FMV in exchange for 105 shares of Hades stock. Lulu contributes services worth $50,000 in exchange for 40 shares of Hades stock Read the...
In the current year, Mick, Hank, and Lulu form Hades Corporation Mick contributes land (a capital...
In the current year, Mick, Hank, and Lulu form Hades Corporation Mick contributes land (a capital asset) having a $125,000 FMV in exchange for 145 shares of Hades stock. Ho purchased the land three years ago for $140,000 Hank contributos machinery (Sec. 1231 property purchased four years ago) having a $130,000 adjusted basis and a $75,000 FMV in exchange for 105 shares of Hades stock Lulu contributes services worth $50,000 in exchange for 40 shares of Hades stock Read the...
In the current year, MickMick, JayJay, and FionaFiona form AresAres Corporation. MickMick contributes land (a capital...
In the current year, MickMick, JayJay, and FionaFiona form AresAres Corporation. MickMick contributes land (a capital asset) having a $ 37 comma 500$37,500 FMV in exchange for 150150 shares of AresAres stock. He purchased the land three years ago for $ 110 comma 000$110,000. JayJay contributes machinery (Sec. 1231 property purchased four years ago) having a $ 50 comma 000$50,000 adjusted basis and a $ 22 comma 500$22,500 FMV in exchange for 120120 shares of AresAres stock. FionaFiona contributes services...
PROBLEM This year, John, Meg, and Karen form Frost Corporation. John contributes land purchased as an...
PROBLEM This year, John, Meg, and Karen form Frost Corporation. John contributes land purchased as an investment four years ago for $25,000 that has a $30,000 FMV in exchange for 30 shares of Frost stock. Meg contributes machinery purchased four years ago and used in her business having a $50,000 adjusted basis and a $30,000 FMV in exchange for 30 shares of Frost stock. Karen contributes services worth $19,500 and $500 cash in exchange for 20 shares of Frost stock....
PROBLEM : This year, John, Meg, and Karen form Frost Corporation. John contributes land purchased as...
PROBLEM : This year, John, Meg, and Karen form Frost Corporation. John contributes land purchased as an investment four years ago for $25,000 that has a $30,000 FMV in exchange for 30 shares of Frost stock. Meg contributes machinery purchased four years ago and used in her business having a $50,000 adjusted basis and a $30,000 FMV in exchange for 30 shares of Frost stock. Karen contributes services worth $19,500 and $500 cash in exchange for 20 shares of Frost...
In the current year, Mick, Hank, and form Hades Corporation Mick contributes and a capital asset)...
In the current year, Mick, Hank, and form Hades Corporation Mick contributes and a capital asset) having a $125,000 EMV in exchange for 145 shares of Hades stock He purchased the land three years for $140 000 Hank contributes machinery (See 1231 property purchased four years ) having a $130 000 adjusted basis and a $75 000 FMV in exchange for 105 shares of Hades stock contributes Services worth $50 000 in exchange for 40 shares of Hades stock Read...
Pete, Kaley, and George form Joker Corporation. Pete contributes land (a capital asset) having a $5,000...
Pete, Kaley, and George form Joker Corporation. Pete contributes land (a capital asset) having a $5,000 adjusted basis and a $13,000 FMV to Joker in exchange for Joker twenty-year notes having a $13,000 face value. Kaley contributes equipment (Sec. 1231 property) having a $21,000 adjusted basis and a $27,000 FMV for 80 shares of Joker stock. She previously claimed $7,500 of depreciation on the equipment. George contributes $26,000 cash for 80 shares of Joker stock. Read the requirements. Requirement a....
Lilah and Juliet form a corporation (LJ Inc) Lilah contributes land ( a capital asset) with...
Lilah and Juliet form a corporation (LJ Inc) Lilah contributes land ( a capital asset) with a fair market value of $ 250,000 and a tax basis of S 50,000. The land is subject to a mortgage of $ 150,000 which is assumed by LJ Inc. Lilah receives 1,000 shares of LJ Incin the transaction Juliet contributes inventory with a fair market value of $100,000 and a tax basis of $80,000. She receives 700 shares of LJ Inc and a...
Six years ago, Donna purchased land as an investment. The land cost $150,000 and is now...
Six years ago, Donna purchased land as an investment. The land cost $150,000 and is now worth $480,000. Donna plans to transfer the land to Development Corporation, which will subdivide it and sell individual tracts. Development's income on the land sales will be ordinary in character. Read the requirements Requirement a. What are the tax consequences of the asset transfer and land sales if Donna contributes the land to Development in exchange for all its stock? Donna recognizes no gain...
Ben and Jerry decide to incorporate their ice cream business. Allie would also like to be a shareholder in the bu...
Ben and Jerry decide to incorporate their ice cream business. Allie would also like to be a shareholder in the business. As such, Ben and Allie agree that immediately after the incorporation of the company and the issuance of stock, Ben will sell Allie half of his shares in the company. Ben contributes inventory (FMV $60,000, Basis $30,000), and accounts receivable (FMV $40,000, Basis $40,000) to the corporation for 50% of the stock, and Jerry contributes equipment (FMV $60,000, Basis...
In the current year, Mick Hank, and Lulu form Hades Corporation Mick contributes land (a capital asset) having a $125.000 FMV in exchange for 145 shares of Hades stock. He purchased the land three years ago for $140,000. Hank contributes machinery (Sec 1231 property purchased four years ago) having a $130,000 adjusted basis and a $75,000 FMV in exchange for 105 shares of Hades stock. Lulu contributes services worth $50,000 in exchange for 40 shares of Hades stock Read the...
In the current year, Mick, Hank, and Lulu form Hades Corporation Mick contributes land (a capital asset) having a $125,000 FMV in exchange for 145 shares of Hades stock. Ho purchased the land three years ago for $140,000 Hank contributos machinery (Sec. 1231 property purchased four years ago) having a $130,000 adjusted basis and a $75,000 FMV in exchange for 105 shares of Hades stock Lulu contributes services worth $50,000 in exchange for 40 shares of Hades stock Read the...
In the current year, Mick, Hank, and form Hades Corporation Mick contributes and a capital asset) having a $125,000 EMV in exchange for 145 shares of Hades stock He purchased the land three years for $140 000 Hank contributes machinery (See 1231 property purchased four years ) having a $130 000 adjusted basis and a $75 000 FMV in exchange for 105 shares of Hades stock contributes Services worth $50 000 in exchange for 40 shares of Hades stock Read...
Pete, Kaley, and George form Joker Corporation. Pete contributes land (a capital asset) having a $5,000 adjusted basis and a $13,000 FMV to Joker in exchange for Joker twenty-year notes having a $13,000 face value. Kaley contributes equipment (Sec. 1231 property) having a $21,000 adjusted basis and a $27,000 FMV for 80 shares of Joker stock. She previously claimed $7,500 of depreciation on the equipment. George contributes $26,000 cash for 80 shares of Joker stock. Read the requirements. Requirement a....
Lilah and Juliet form a corporation (LJ Inc) Lilah contributes land ( a capital asset) with a fair market value of $ 250,000 and a tax basis of S 50,000. The land is subject to a mortgage of $ 150,000 which is assumed by LJ Inc. Lilah receives 1,000 shares of LJ Incin the transaction Juliet contributes inventory with a fair market value of $100,000 and a tax basis of $80,000. She receives 700 shares of LJ Inc and a...
Six years ago, Donna purchased land as an investment. The land cost $150,000 and is now worth $480,000. Donna plans to transfer the land to Development Corporation, which will subdivide it and sell individual tracts. Development's income on the land sales will be ordinary in character. Read the requirements Requirement a. What are the tax consequences of the asset transfer and land sales if Donna contributes the land to Development in exchange for all its stock? Donna recognizes no gain...
Ben and Jerry decide to incorporate their ice cream business. Allie would also like to be a shareholder in the business. As such, Ben and Allie agree that immediately after the incorporation of the company and the issuance of stock, Ben will sell Allie half of his shares in the company. Ben contributes inventory (FMV $60,000, Basis $30,000), and accounts receivable (FMV $40,000, Basis $40,000) to the corporation for 50% of the stock, and Jerry contributes equipment (FMV $60,000, Basis...
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