Question 13

Tristan transfers property with a tax basis of $1,160 and a falr market value of $1,720 to a corporation In exchange for stock with a falr market value of $1,160 and $390 In cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $170 on the property transferred. What Is the corporation's tax basis In the property recelved In the exchange? Multiple Cholce $1,720 $1,550 $1,330 $1,160

General Accounting

A non-U.S. corporation investor held a real estate asset (a parcel of land) that that was purchased for $100,000,000 for 10 years and will sell it for $130,000,000. The investor gain on the sale of the asset is considered to in a business that is effectively connected to a U.S. trade or business (ECI).   Compute the tax on the sale assuming that the investor held the asset directly (consider double tax - both ECI and branch profits tax) __________________   Compute the tax to the investor if held through US corporation (consider both entity level tax and FDAP tax on the distributions) with no treaty rates and a plan of liquidation in the year of sale _______________________

Casey transfers property with a tax basis of $2,180 and a fair market value of $6,100 to a corporation in exchange for stock with a fair market value of $4,500 and $575 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,025 on the property transferred. Casey also incurred selling expenses of $391. What is the amount realized by Casey in the exchange?

Statement 1: When a taxpayer receives a car from a corporation for furnishing the names of potential customers, the same is a taxable income. Statement 2: When a foreign corporation “donates” stocks to its resident manager in the Philippines in consideration of his services as such, the value of the shares shall be considered as taxable compensation.  a. Both statements are true b. Both statements are false c. Only statement 1 is true d. Only statement 2 is true

Antoine transfers property with a tax basis of $510 and a fair market value of $671 to a corporation in exchange for stock with a fair market value of $554 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $117 on the property transferred. What is Antoine's tax besis in the stock received in the exchange? Multiple Choice $671 O $554 $510 $393

As part of a transaction that qualifies under Section 351, Ann transfers property with a tax basis of $95,000 and a market value of $125,000 to Acme Corporation in exchange for Acme stock and $7,000 in cash. Acme also assumes a liability of $14,000 that is attached to the property transferred. What is Acme's tax basis in the property received in the exchange? $88,000 $95,000 $102,000 $116,000

Casey transfers property with a tax basis of $2,840 and a fair market value of $6,600 to a corporation in exchange for stock with a fair market value of $4,800 and $450 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,350 on the property transferred. Casey also incurred selling expenses of $372. What is the amount realized by Casey in the exchange? Multiple Choice $6,600 $6,228 $6,128 $5,678

Which of the following is true with respect to the related party rules? a.A disallowed loss on a related party transaction can be used to offset any future gain when the property is sold to an unrelated party. b.Bill sells stock to his sister for a $3,000 loss. Bill can deduct the loss on his tax return. c.A taxpayer's uncle is a related party for purposes of Section 267. d.Under the constructive ownership rules of Section 267, a shareholder owns 10 percent of the stock owned by a corporation in which he or she is a shareholder. e.None of these choices are correct.

Amy transfers property with a tax basis of $1,350 and a fair market value of $935 to a corporation in exchange for stock with a fair market value of $600 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $335 on the property transferred. What is Amy's tax basis in the stock received in the exchange? Multiple Choice $1,350 $1,015 $915 $600

A

Please help me

In a transaction qualifying under § 351, Karen transfers the following assets to Kramer Corporation in exchange for all of its stock: equipment (basis $200,000; fair market value $150,000) and land with (basis $75,000; fair market value $100,000). No special elections are made. What is Kramer Corporation’s basis in the equipment?

An S corporation is generally restricted to the calendar year end to mitigate tax deferral. True or False Juke, an S Corporation, distributes a parcel of land to Shannon, one of its shareholders. The land has a basis of $10,000 and a fair market value of $20,000. This distribution will cause Shannon to recognize a share of the deemed gain. True or False