(You may use two pages in total to answer questions (d), (e), (f) and (g), below)....
(You may use two pages in total to answer questions (d), (e), (f) and (g), below).
Please help
The Peters corporation would like to acquire the Selma corporation.
Peters makes
the following purchases of Selma:
Date % of T Amount Paid (in dolllars)
January 3, 2018 10% 200
May 12, 2018 30% 1000
December 7, 2018 20% 800
March 16, 2019 20% 700
April 15, 2019 10% 300
May 1, 2019 10% 400
100% 3400
Selma Corporation has the following assets and liabilities:
Asset Value Liabilities Basis
Cash 600 -- 600
Inventory 300 300
Patent 600 -- 0
Blackacre 700 100 (Mortgage) 200
Total 2200 100 1100
• Selma has other non-tax liabilities of $400.
• Assume an income tax rate of 30%.
Peters decides to make a §338 election for Selma. Compute:
(d) The Acquisition Date.
(e) The Aggregate Deemed Sales Price (“ADSP”)
(f) The Adjusted Grossed Up Basis ("AGUB").
(g) The allocation of the AGUB among T's assets.
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