1. Answer is a because entity cannot liquidate when proceedings are under process against it.
2. Other 2 quesitons are not area of expertise.
VERSION A: 2019 ACCT 4210A: IN CLASS EXERCISE: LIQUIDATIONS (5 POINTS) 1. (1 POINT) Which I...
VERSION A: 2019 ACCT 4210A: IN CLASS EXERCISE: LIQUIDATIONS (5 POINTS) 1. (1 POINT) Which I of the following would not be considered a sufficient reason for Chrysler Corp to liquidate? a Chrysler Corp liquidated when the Securities and Exchange Commission (SEC) began to investigate it for securities fraud b. By Chrysler Corp liquidating and re-forming as a limited liability company, Chrysler will eliminate double taxation c. Chrysler Corp's board of directors decided to liquidate Chrysler because Chrysler was not...
FMV 2. (15 points) X Corp's balance sheet shows the following: BASIS $10.000 Cash Equipment -net Land 1 Land 2 $10,000 40,000 100,000 150.000 50,000 150.000 125.000 $335,000 $300,000 Total All of the stock is owned by A. Her basis is $90,000. Answer the following questions based on the above information. A. Calculate the gain or loss to X Corp. if X liquidates and distributes all assets to A. B. Calculate the gain or loss to A on the liquidation...