Boot is other property received along with stock in a restructuring falling under § 368. If the shareholders receive the other property, it can be taxed as capital gains and/or dividends |
____________________ is other property received along with stock in a restructuring falling under § 368. If...
Question 1) What is a carryover basis as it relates to property received by a corporation in a §351 transaction? What is the purpose of attaching a carryover basis to property received in a §351 transaction? Under what circumstances does property received by a corporation in a §351 transaction not receive a carryover basis? What is the reason for this rule? What is a substituted basis as it relates to stock received in exchange for property in a §351 transaction?...
A shareholder's holding period for stock received under $ 351 can include the holding period of the property transferred to the corporation. True False LITTLI ..
Sammy and Artie make transfers to a controlled Corp. Sammy transfers $10,000 in appreciated property and received $10,000 in stock. Artie transfers his services and receives $10,000 in stock . Which is true? a.). Artie is not taxed on the receipt of stock b.). Artie is taxed on $10,000 of compensation income c.). Sammy nd Artie have a different basis in their stock d.) Sammy recognizes gain on the transfer
Discussion Question 4-11 (LO. 3) With respect to the calculation of the basis of stock received by a shareholder in a $ 351 transfer, label each of the following as being either "True" or "False" a. If a shareholder transfers a liability to the corporation along with property, the basis in the stock received is reduced by the amount of the liability transferred to the corporation. b. Section 362(e)(2) generally requires the corporation to step down the carryover basis for...
How is the excess of money received over the cost of new property reduced the basis of other property held by the corporation applied?
for a taxpayer transferring property to a corporation in a section 351 transaction the stock received in the transfaction is given a carryover basis. true or false In a 351 transaction any corporate debt or securities received are treated as boot because they donot qualify as stock. true or false
25. HolyCow Corporation is liquidated, with Sneha receiving $4,000 in money and other property having a $7,000 FMV. Sneha's basis in his HolyCow stock is $6,000. Upon liquidation, Sneha must recognize a gain of A) 0. B) $5,000. C) $8,000. D) $11,000. 26. Identify which of the following statements is true. A) A liquidating distribution of property other than a disqualified property that is made ratably to all shareholders (based on their stockholdings) will permit the recognition of loss on...
need help Mamood just received a stock dividend from a company in which he owns shares. He is upset that it is a stock dividend rather than a cash dividend. He knows he has to pay tax on this dividend but is worried he won't have the money to pay the tax. What should Mamood do? a) He can contact the company and request a cash dividend instead. b) He can sell some of the shares he received from the...
66 of 75 is the measurement of a property boundary along a river or other body of water. Width Frontage Depth Length 68 of 75 A non-conforming loan is one that falls outside Fannie Mae and Freddie Mac underwriting standards. does not use any underwriting standards. is originated by a lender that is not federally insured. has any term other than 30 years.
26. Identify which of the following statements is true. A) A liquidating distribution of property other than a disqualified property that is made ratably to all shareholders (based on their stockholdings) will permit the recognition of loss on the portion of the distribution that is made to a related person. B) A subsidiary corporation can recognize losses on distributions to either the parent corporation or minority shareholders in a Sec. 332 liquidation. C) Section 336 prevents recognition of a loss...