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Problem
Swift corporation distributes land( basis of 55,000$ and fair market value of 120,000 $ to Sam and cash (240,000) to Allison in exchange for part of their stock. Other shareholders do not redeem any part of their stock. Sam surrenders shares of stock that have a basis of 25,000$. Prior to stock redemption, Sam owned 20% of the Swift Stock, and after the redemption he ownes 15%. At the same time swift distributes cash to Allison, and she surrenders a shares of stock with a basis of 40,000$. Prior to the stock redemption Allison owned 70 % of the swift stock, and after te redemption, she owned 60%. Determine the tax consequence to Swift:
1) C Corporation
2) S corporation.
Determine taxable income before considering expense.
Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.
Explain what is meant by income by ordinary concepts
Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.
Calculate Carolines taxable income
Show the tax issues that are raised and the relevant sections of the legislation.
Brief statement in your own words of the facts of the cases.
Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
Discuss- A tax on cigarettes is a good way of raising tax revenue for the government
Prepare the required journal entry to record the tax expense
Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?
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