Amazon Corporation distributes equipment (basis of $80,000 and fair market value of $100,000) as a property dividend to its shareholders. The equipment is subject to a liability of $120,000. Amazon Corporation recognizes gain of: a. $0 b. $20,000. c. $30,000. d. $40,000. e. None of the choices.
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Amazon Corporation distributes equipment (basis of $80,000 and fair market value of $100,000) as a property dividend to its shareholders. The equipment is subject to a liability of $120,000. Amazon Corporation recognizes gain of:
a. $0
b. $20,000.
c. $30,000.
d. $40,000.
e. None of the choices.
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- Amazon Corporation distributes equipment (basis of $80,000 and fair market value of $100,000) as a property dividend to its shareholders. The equipment is subject to a liability of $120,000. Amazon Corporation recognizes gain of: a. $0 b. $20,000. c. $30,000. d. $40,000. e. None of the choices.The Berry Corporation owns a building with a basis of $40,000 that is subject to a debt of $ 160,000. The FMV of the building is $100,000. Berry distributes the property in a nonliquidating distribution (along with the debt) to Delia, its sole shareholder. What is the amount of the distribution to Delia? a. $80,000. b. $50,000. c. zero. d. $30,000. e. none of the above.Macedonia Corporation distributes Land (Adjusted Basis of $120,000 and Fair Market Value of $200,000) as a Property Dividend to its shareholders. The Land is subject to a liability of $250,000. As a result of this distribution, Macedonia Corporation must (has) Recognized Gain of: $130,000. $ 50,000. $ 80,000. $ -0-.
- XYZ corporation (E &P $1,000,000) distributes machinery, adjusted basis $20,000 Fair Market Value of $150,000 to sole shareholder. The property is subject to Liability of $10,000 which shareholder assumes (A) How much dividend Johnson report 150000-10000 140000 What is his basis in the machinery 150000 (B) FMV What is the effect on corporation's eamings and E & P Increase by gain Increase by liab 130000 10000 -150000 Decrease by FMV -10000Puffin Corporation makes a property distribution to its sole shareholder, Bonnie. The property distributed is a car (basis of $30,000; fair market value of $40,000) that is subject to a $7,000 liability which Bonnie assumes. Puffin has no accumulated E & P and $70,000 of current E & P from other sources during the year. How much dividend should Bonnie report? a. $4,000b. $33,000c. $10,000d. $34,000e. None of the above Please show work.The Tomato Corporation owns a building with a basis of $40,000 that is subject to a debt of $160,000. The FMV of the building is $100,000. Tomato distributes the property in a nonliquidating distribution (along with the debt) to Mitch, its sole shareholder. What is the amount of the distribution to Mitch? a. $80,000. b. $50,000. c. zero. d. $30,000. e. none of the above.
- Required information [The following information applies to the questions displayed below.] Wasatch Corporation (WC) received a $200,000 dividend from Tager Corporation (TC). WC owns 15 percent of the TC stock. Compute WC's deductible DRD in each of the following situations: b. WC's taxable income (loss) without the dividend income or the DRD is $(10,000). Deductible DRDAn S-Corporation has ownership of a piece of land with an adjusted basis of $10,000 and a FMV of $100,000. It distributes this land to a shareholder, what basis would the shareholder have in this land? a. $0 b. It would depend on the shareholder's inside basis c. $90,000 d. $100,000 e. $10,000Sunny receives a property distribution from Cloudy Corp. The distributed property had a FMV of $5,000 and a basis of $2,000. Assume Cloudy Corp has positive E&P for the distribution. What is the gain to Cloudy Corp? What is the dividend to Sunny? What is the net adjustment to Cloudy Corp E&P 0 5000 -5000
- 1. Bob transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of business-related liabilities to a corporation in exchange for 100% of the corporation's stock with a FMV of $30,000. The corporation assumes the $70,000 mortgage. The transfer qualifies under Sec. 351. What is Bob's gain recognized on the transfer? Group of answer choices $10,000 $40,000 $0 $30,000C-Corporation A acquires C-Corporation B in a taxable stock acquisition. In the process of completing the transaction, A incurs $27 million of transaction costs, consisting of the following: 15 $5 million pre-brightline due diligence $10 million post-brightline due diligence $12 million inherently facilitative costs How much can A deduct and how much must A capitalize? a. Deduct $5 million; capitalize $22 million b. Deduct $15 million; capitalize $12 million c. Deduct all; capitalize none d. Deduct none; capitalize allQ.2. In a complete liquidation, Corporation Z distributes a building with adjusted tax basis of $200,000 and fair market value of $300,000 to its shareholder, Z. The shareholder assumes the liability on the building equal to $325,000. Z has basis in their stock of $50,000. Immediately after this transaction, what is the shareholder’s basis in the building? 275,000 200,000 325,000 300,000