weedle-Dee and Tweedle-Dum form Alice Corporation with the transfer of the following. Tweedle-Dee performs personal services for the corporation with a fair market value of $100,000 in exchange for 400 shares of stock. Tweedle-Dum contributes an installment note receivable (basis $25,000; fair market value $40,000), land (basis $50,000; fair market value $180,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares. Determine Tweedle-Dee and Tweedle-Dum’s current income, gain, or loss; calculate the basis that each takes in the Alice stock. Upload an excel, word, or pdf file showing your calculations

Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets:     Basis Fair Market Value           Kevan:           Cash $15,000 $15,000       Land* 120,000 440,000       Totals $135,000 $455,000         *Nonrecourse debt secured by the land equals $210,000  Each member received a 33.33 percent capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.) f. If the lender holding the nonrecourse debt secured by Kevan’s land required Kevan to guarantee 33.33 percent of the debt and Jerry to guarantee the remaining 66.67 percent of the debt when Albee LLC was formed, how much gain or loss will Kevan recognize?     Gain or loss recognized

[The following information applies to the questions displayed below.] Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. In year 1, Julio and Milania each received distributions of $10,000 from Falcons Corporation. Falcons Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Sales revenue Cost of goods sold Salary to owners Julio and Milania Year 1 $ 305,000 (43,000) Year 2 $ 435,000 (63,000) (40,000) (80,000) Employee wages Depreciation expense Section 179 expense Interest income (related to business income) Municipal bond income (25,000) (50,000) (15,000) (30,000) (30,000) (50,000) 10,000 Government fines Overall net income Distributions 1,700 0 18,500 4,400 (2,000) $ 182,900 $ 163,700 $ 20,000 $ 50,000 a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property…

Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted tax bases: Adjusted Tax FMV Basis $ 56,000 420,000 644,000 $ 1,120,000 $ 28,000 280,000 840,000 Inventory Building Land $ 1,148,000 Total The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $1,020,000. The transaction met the requirements to be tax-deferred under §351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume the corporation assumed a mortgage of $1,220,000 attached to the building and land. Assume the fair market value of the building is now $700,000 and the fair market value of the land is $1,484,000. The fair market value of the stock remains…

Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets:     Basis Fair Market Value           Kevan:           Cash $15,000 $15,000       Land* 120,000 440,000       Totals $135,000 $455,000         *Nonrecourse debt secured by the land equals $210,000  Each member received a 33.33 percent capital and profits interest in the LLC. (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations.)   b. What is Kevan’s tax basis in his LLC interest?       Jerry Dave Kevan Gain or loss recognized

Castle and Dave formed an S corporation that is owned as follows: Castle 75% and Dave 25%. The corporation distributes an asset to each owner. The corporation has a basis of $45,000 for each asset. The fair market value of each of the assets is as follows: Castle $90,000 and Dave $50,000. a. What is the recognized gain for the corporation? b. How much of the gain does Castle report? c. How much of the gain does Dave report?

These are the correct answers, but please explain thoroughly the work on how to do each section please. Thank you

Van and Floyd formed a corporation during the year. In exchange for one-half of the outstanding shares of the corporation's voting stock, which had a total par value of $400, 000, Van contributed property with a fair market value of $200,000 for which he paid $300,000 in a prior year. Floyd contributed property with a fair market value of $200,000 for which he paid $100,000 in a prior year and received the other one-half of the outstanding stock. How much gain or loss will Van and Floyd recognize on the transfer of property? A. Van will recognize $100, 000 loss; Floyd will recognize $100, 000 gain. B. No gain or loss to either Van or Floyd. C. Van will recognize $0 loss; Floyd will recognize $100,000 gain. D. None of the answers are correct.

Suzy contributed assets valued at $360,000 (basis of $200,000) in exchange for her 40% interest in Suz-Anna GP (a general partnership in which both partners are active owners). Anna contributed land and a building valued at $640,000 (basis of $380,000) in exchange for the remaining 60% interest. Anna’s property was encumbered by qualified nonrecourse financing of $100,000, which was assumed by the partnership. The partnership reports the following income and expenses for the current tax year.   What is the beginning and ending nonrecourse values.  Beg $0 ending $40,000 What is the beginning Capital amount ? Sales $560,000 Utilities, salaries, depreciation, other operating expenses 360,000 Short-term capital gain 10,000 Tax-exempt interest income 4,000 Charitable contributions (cash) 8,000 Distribution to Suzy 10,000 Distribution to Anna 20,000 At the end of the year, Suz-Anna held recourse debt of $100,000 for partnership accounts payable…

Prepare your answers using excel or clearly written computations. Show your work for maximum points. 1. Marie and Ramesh form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $80,000 in exchange for 400 shares of stock. Ramesh contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares. Determine Marie and Ramesh’s current income, gain, or loss; calculate the basis that each takes in the Roundtree stock.