Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $305,000 in return for 50 percent of the corporation's stock. Hermione contributed a building and land with the following fair market values and adjusted tax bases in return for 50 percent of the corporation's stock: (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Adjusted Tax Basis FMV $ 114,375 266,875 $ 30,500 122,000 Building Land Total $ 381,250 $ 152,500 To equalize the exchange, Wizard Corporation paid Hermione $76,250 in addition to her stock. Assume Hermione's adjusted tax basis in the land was $305,000. g. What adjusted tax basis does Wizard Corporation take in the land and building received from Hermione? Land Building Adjusted tax basis 2$ 53,375

Please answer

Gopher Corporation began the year with a large amount of accumulated earnings and profits and ended the year reporting taxable income of $100,000. Gopher wants to distribute its after-tax earnings to its sole shareholder, Sven Anderson. The dividend would meet the requirements to be a qualified dividend, and Sven is subject to a tax rate of 15 percent on dividend income. What is the amount of the dividend distribution and how much income does Sven realize after taxes? Answer is not complete. Corporate income Corporate tax Dividend distribution to Seven Shareholder tax Total after tax income $100,000 $105,000 x $ 15,000

Riverbend Incorporated received a $200,000 dividend from stock it held in Hobble Corporation. Riverbend's taxable income is $2,100,000 before deducting the dividends-received deduction (DRD) and a $100,000 charitable contribution. Use Exhibit 13-7. Note: Round your tax rates to 2 decimal places. Leave no answer blank. Enter zero if applicable. Required: a. What is Riverbend's deductible DRD assuming it owns 10 percent of Hobble Corporation? b. Assming that it owns 10 percent of Hobble Corporation, what is Riverbend's marginal tax rate on the dividend? c. What is Riverbend's DRD assuming it owns 60 percent of Hobble Corporation? d. Assming that it owns 65 percent of Hobble Corporation, what is Riverbend's marginal tax rate on the dividend? e. What is Riverbend's DRD assuming it owns 85 percent of Hobble Corporation (and is part of the same affiliated group)? f. Assming that it owns 85 percent of Hobble Corporation (and is part of the same affiliated group), what is Riverbend's marginal…