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c. In 2019, Debbie receives stock as a gift from her uncle, Jerry. At the time...
c. In 2019, Debbie receives stock as a gift from her uncle, Jerry. At the time...
c. In 2019, Debbie receives stock as a gift from her uncle, Jerry. At the time of the gift, Jerry's adjusted basis in the stock is $27,000 and the fair market value of the stock is $17,000. One month later when the stock is worth $16,500, Debbie trades the stock for bonds with a fair market value of $15,000 and $1,500 cash (i.e. Debbie received a total value of $16,500 on the exchange, $15,000 in bonds and $1,500 in cash)....
Answers are not $900,000 and $15,000 respectively. Problem 14-44 (C) (LO. 3) In 2019, Pedro receives...
Answers are not $900,000 and $15,000 respectively.
Problem 14-44 (C) (LO. 3) In 2019, Pedro receives a gift of real estate with an adjusted basis of $900,000 and a fair market value of $890,000. No gift tax was paid on the transfer. 900,000 and his basis for a loss is $ If Pedro later sells the property for $885,000, his Pedro's basis for a gain is $ recognized loss is $
PROBLEM 1: Jerry transfers two assets to a corporation as part of a Sec. 351 exchange....
PROBLEM 1: Jerry transfers two assets to a corporation as part of a Sec. 351 exchange. The first asset has an adjusted basis of $70,000 and an FMV of $50,000. The second asset has an adjusted basis of $70,000 and an FMV of $150,000. The FMV of the stock received is $180,000, and he also receives $20,000 cash. The realized and recognized gain on the second asset is A) $80,000 realized; $20,000 recognized. B) $80,000 realized; $15,000 recognized. C) $20,000...
Julian transferred 100 percent of his stock in Lemon Company to Apricot Corporation in a Type...
Julian transferred 100 percent of his stock in Lemon Company to Apricot Corporation in a Type B stock-for stock exchange. In exchange, he received stock in Apricot with a fair market value of $425,000. Julian's tax basis in the Lemon stock was $850.000. What amount of loss does Julian recognize in the exchange and what is his basis in the Apricot stock he receives? Multiple Choice $425,000 loss recognized and a basis In Apricot stock of $425,000. No loss recognized...
Celeste transferred 100 percent of her stock in Supply Chain Company to Marketing Corporation in a...
Celeste transferred 100 percent of her stock in Supply Chain Company to Marketing Corporation in a Type A merger. In exchange, she received stock in Marketing with a fair market value of $532,500 plus $532.500 in cash. Celeste's tax basis in the Supply Chain stock was $1.455,000. What amount of loss does Celeste recognize in the exchange and what is her basis in the Marketing stock she receives? Multiple Choice a $390,000 loss recognized and a basis In Marketing stock...
Celeste transferred 100 percent of her stock in Supply Chain Company to Marketing Corporation in a...
Celeste transferred 100 percent of her stock in Supply Chain Company to Marketing Corporation in a Type A merger. In exchange, she received stock in Marketing with a fair market value of $580,000 plus $580,000 in cash. Celeste's tax basis in the Supply Chain stock was $1,385,000. What amount of loss does Celeste recognize in the exchange and what is her basis in the Marketing stock she receives? Multiple Choice $225,000 loss recognized and a basis in Marketing stock of...
Simone transferred 100 percent of her stock in Purple Company to Plum Corporation in a Type...
Simone transferred 100 percent of her stock in Purple Company to Plum Corporation in a Type A merger. In exchange, she received stock in Plum with a fair market value of $532,500 plus $532,500 in cash. Simone's tax basis in the Purple stock was $287.000. What amount of gain does Simone recogn in the exchange and what is her basis in the Plum stock she receives? Multiple Choice $778,000 gain recognized and a basis In Plum stock of $1.065,000. O...
Problem 5-28 Contributions (LO 5.9) Jerry made the following contributions during 2019: His synagogue (by check)...
Problem 5-28 Contributions (LO 5.9) Jerry made the following contributions during 2019: His synagogue (by check) $1,100 The Republican Party (by check) 180 The American Red Cross (by check) 200 His lodge fraternal organization for tickets to (a social club) a holiday party 100 In addition, Jerry donated used furniture to the Salvation Army costing $400 with a fair market value of $200. Jerry has adjusted gross income of $45,000, the necessary written acknowledgments, and he itemizes his deductions. Complete...
In each of the problems below please describe the tax consequences to the parties involved in...
In each of the problems below please describe the tax consequences to the parties involved in the transaction. The answer should include an analysis of whether Section 351 applies to the transaction (unless the problem already states that Section 351 applies) and the computations for any recognized gain, the tax basis of any stock received by the shareholders; the tax basis of any property received by the corporation and the holding period of the stock/property. 1. On January 1, 2019...
Mary transfers a building (adjusted basis of $15,000 and fair market value of $90,000) to White...
Mary transfers a building (adjusted basis of $15,000 and fair market value of $90,000) to White Corporation. In return, Mary receives 80% of White Corporation's stock (worth $65,000) and an automobile (fair market value of $5,000). In addition, there is an outstanding mortgage of $20,000 (taken out 15 years ago) on the building, which White Corporation assumes. With respect to this transaction: a. Mary has no recognized gain. b. White Corporation's basis in the building is $15,000.0 boobs c. Mary's...
c. In 2019, Debbie receives stock as a gift from her uncle, Jerry. At the time of the gift, Jerry's adjusted basis in the stock is $27,000 and the fair market value of the stock is $17,000. One month later when the stock is worth $16,500, Debbie trades the stock for bonds with a fair market value of $15,000 and $1,500 cash (i.e. Debbie received a total value of $16,500 on the exchange, $15,000 in bonds and $1,500 in cash)....
Answers are not $900,000 and $15,000 respectively.
Problem 14-44 (C) (LO. 3) In 2019, Pedro receives a gift of real estate with an adjusted basis of $900,000 and a fair market value of $890,000. No gift tax was paid on the transfer. 900,000 and his basis for a loss is $ If Pedro later sells the property for $885,000, his Pedro's basis for a gain is $ recognized loss is $
Julian transferred 100 percent of his stock in Lemon Company to Apricot Corporation in a Type B stock-for stock exchange. In exchange, he received stock in Apricot with a fair market value of $425,000. Julian's tax basis in the Lemon stock was $850.000. What amount of loss does Julian recognize in the exchange and what is his basis in the Apricot stock he receives? Multiple Choice $425,000 loss recognized and a basis In Apricot stock of $425,000. No loss recognized...
Celeste transferred 100 percent of her stock in Supply Chain Company to Marketing Corporation in a Type A merger. In exchange, she received stock in Marketing with a fair market value of $532,500 plus $532.500 in cash. Celeste's tax basis in the Supply Chain stock was $1.455,000. What amount of loss does Celeste recognize in the exchange and what is her basis in the Marketing stock she receives? Multiple Choice a $390,000 loss recognized and a basis In Marketing stock...
Simone transferred 100 percent of her stock in Purple Company to Plum Corporation in a Type A merger. In exchange, she received stock in Plum with a fair market value of $532,500 plus $532,500 in cash. Simone's tax basis in the Purple stock was $287.000. What amount of gain does Simone recogn in the exchange and what is her basis in the Plum stock she receives? Multiple Choice $778,000 gain recognized and a basis In Plum stock of $1.065,000. O...
In each of the problems below please describe the tax consequences to the parties involved in the transaction. The answer should include an analysis of whether Section 351 applies to the transaction (unless the problem already states that Section 351 applies) and the computations for any recognized gain, the tax basis of any stock received by the shareholders; the tax basis of any property received by the corporation and the holding period of the stock/property. 1. On January 1, 2019...
Mary transfers a building (adjusted basis of $15,000 and fair market value of $90,000) to White Corporation. In return, Mary receives 80% of White Corporation's stock (worth $65,000) and an automobile (fair market value of $5,000). In addition, there is an outstanding mortgage of $20,000 (taken out 15 years ago) on the building, which White Corporation assumes. With respect to this transaction: a. Mary has no recognized gain. b. White Corporation's basis in the building is $15,000.0 boobs c. Mary's...
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