Bruno recognizes  (a gain, loss, neither a gain or loss) of $_____________. Bruno's basis in the inventory is $_______________  and his basis in the land is $___________________.

Jon owns 100 % of Jon, Inc (J). Jis liquidated and Jon receives land with a FMV of $500,000 and a tax basis of $300,000 and a building with a fair market value of $1,000,000 and a tax basis of $200,000. The building is subject to a mortgage of $100,000. Jon's basis in Jl stock $200,000. Jl has $3,000,000 of eamings and profits. As a result of the liquidation, Jon must recognize income of         OA $1,400,000 dividend Income OB. $1,300,000 capital gain OC 50 income OD. $1,200,000 capital gain

Dave LaCroix recently received a 10 percent capital and profits interest in Cirque Capital LLC in exchange for consulting services he provided. If Cirque Capital had paid an outsider to provide the advice, it would have deducted the payment as compensation expense. Cirque Capital's balance sheet on the day Dave received his capital interest appears below: Assets: Cash Investments Land Totals Liabilities and capital: Nonrecourse liabilities Tatsuki* Robert* Totals Tax basis $ Dave Basis 21,000 $ 180,000 130,000 230,000 $ 540,000 Answer is not complete. Tatsuki Robert $ 210,000 165,000 165,000 $ 540,000 *Assume that Tatsuki's basis and Robert's basis in their LLC interests equal their tax basis capital accounts plus their respective shares of nonrecourse liabilities. Note: Leave no answer blank. Enter zero if applicable. Fair Market Value e. Compute each member's tax basis in his LLC interest immediately after Dave's receipt of his interest if Dave receives only a profits interest. $…

Prepare your answers using excel or clearly written computations. Show your work for maximum points.  3. Diego transfers real estate with an adjusted basis of $260,000 and fair market value of $350,000 to a newly formed corporation in exchange for 100% of the stock. The corporation assumes the liability on the transferred real estate in the amount of $300,000. Determine Diego’s recognized gain on the transfer and the basis for his stock.