Q69_ques2022

14. Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam’s tax basis in the inventory is $60,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $25,000. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume Devon received 25 percent of the stock in the corporation in return for his services.  What is Devon’s tax basis in the stock he receives in return for his contribution of services to the corporation? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)

13.Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam’s tax basis in the inventory is $60,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $25,000. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume Devon received 25 percent of the stock in the corporation in return for his services. What amount of income, gain, or loss does Devon recognize on the formation of the corporation? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)

12.Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam’s tax basis in the inventory is $60,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $25,000. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume Devon received 25 percent of the stock in the corporation in return for his services.  What is Sam’s tax basis in the stock he receives in return for his contribution of property to the corporation?

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11.Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam’s tax basis in the inventory is $60,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $25,000. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume Devon received 25 percent of the stock in the corporation in return for his services.  What amount of gain or loss does Sam recognize on the formation of the corporation?

A28

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10.Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam’s tax basis in the inventory is $60,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $25,000. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) What is Devon’s tax basis in the stock he receives in return for his contribution of services to the corporation?

35.

Vito is the sole shareholder of Vito, Inc. He is also employed by the corporation. On June 30, 2020, Vito borrowed $8,000 from Vito, Inc., and on July 1, 2021, he borrowed an additional $10,000. Both loans were due on demand. No interest was charged on the loans, and the Federal rate was 4% for all relevant dates. Vito used the money to purchase a boat, and he had $2,500 of investment income. Determine the tax consequences to Vito and Vito, Inc., in each of the following situations. A. Loans are considered employer-employee loans. In 2020, Vito has $ XXX?? of ??? and Vito, Inc. has $ XXX?? of ??? In 2021, Vito has $ XXX?? of ??? and Vito, Inc. has $ XXX?? of ??? B. Loans are considered corporation-shareholder loans. In 2020, Vito has $ XXX?? of ??? and Vito, Inc. has $ XXX?? of ??? In 2021, Vito has $ XXX?? of ??? and Vito, Inc. has $ XXX?? of ???   The amount is unknown and the options for ??? are included in the image.

13.  Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam’s tax basis in the inventory is $60,000. Devon will receive 25 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $25,000.  Assume Devon received 25 percent of the stock in the corporation in return for his services. What amount of income, gain, or loss does Devon recognize on the formation of the corporation?

Problem 16-31 (Algo) [LO 16-5, 16-9] In 2000, Ms. Ennis, a head of household, contributed $43,000 in exchange for 430 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 430 shares for $99,000. Her only other investment income was an $8,000 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $527,000. Assume the taxable year is 2024. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: a. Compute Ms. Ennis's income tax and Medicare contribution tax for the year. b. How would the computation change if Ms. Ennis acquired the Seta stock in 2011 instead of 2000? c. How would the computation change if Ms. Ennis acquired the Seta stock in 2022 instead of 2000? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C How would the computation change if Ms.…

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8. Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam’s tax basis in the inventory is $60,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $25,000. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) What is Sam’s tax basis in the stock he receives in return for his contribution of property to the corporation?

Able owns 100% of ABC Corporation, which operates a restaurant. Able founds the corporation with $1,000 in capital. ABC has its own bank account, and Able does not commingle the corporation's funds with his own. ABC has never had a directors' meeting or a shareholders' meeting. ABC does not employ a bookkeeper, and its financial records are incoherent. ABC operates for six months and does not generate a profit. Shortly thereafter, a customer dies of food poisoning due to contaminated ham served by ABC. Can the customer's estate hold Able personally liable for any judgment rendered against ABC?

Problem 16-31 (Algo) [LO 16-5, 16-9] In 2000, Ms. Ennis, a head of household, contributed $46,000 in exchange for 460 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 460 shares for $90,000. Her only other investment income was an $7,900 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $557,000. Assume the taxable year is 2023. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: a. Compute Ms. Ennis's income tax and Medicare contribution tax for the year. b. How would the computation change if Ms. Ennis acquired the Seta stock in 2011 instead of 2000? c. How would the computation change if Ms. Ennis acquired the Seta stock in 2020 instead of 2000? Answer is not complete. Complete this question by entering your ans below. Required A Required B Required C Compute Ms. Ennis's income tax and Medicare cont year. Note: Round your…

7.Sam and Devon agree to go into business together selling college-licensed clothing. According to the agreement, Sam will contribute inventory valued at $100,000 in return for 80 percent of the stock in the corporation. Sam’s tax basis in the inventory is $60,000. Devon will receive 20 percent of the stock in return for providing accounting services to the corporation (these qualify as organizational expenditures). The accounting services are valued at $25,000. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) What amount of income gain or loss does Sam realize on the formation of the corporation? What amount, if any, does he recognize?   Income Gain or loss realizedIncome Gain or loss recognized

• Cynthia is an electrician, age 29, and single. • Cynthia has investment income and has a consolidated broker’s statement.• Cynthia began a cleaning service business in 2020. She was paid on Form 1099-NEC for 2021. She also received additional cash receipts of $400 not reported on the Form 1099-NEC. • Cynthia uses the cash method of accounting. She uses business code 561720.• Cynthia has receipts for the following expenses:- $350 for cleaning supplies- $225 for business cards - $450 for a mop, broom, and vacuum cleaner - $150 for work gloves - $125 for lunches - $175 for work clothes suitable for everyday use • Cynthia has a detailed mileage log reporting for 2021:- Mileage from her home to her first client’s home and mileage from her last client’s home to her home – 750 miles- In addition, on the days Cynthia worked for multiple clients, she kept track of the mileage from the first client’s home to the second client’s home in case that mileage was also deductible. She logged 450…