Reference no: EM131756647
1. Corp MH owns 80 shares of Corp X, and NJH, an individual, owns the other 20 shares. HJH'S total basis in her shares is $20. Corp X liquidates by distributing $800 in cash to Corp MH, and land worth $200 ( with a basis to Corp X of $500) to NJH. Corp.X has no debt.
a) result?
b) Would you answer change if the land's basis to Corp x was only $100?
c) Would you answer change if the land secured as a $1,100 mortgage?
2. I own 100 common shares of Corp X, my total basis being $200. What tax result from the following transactions?
a) In 2008, Corp X distributes 1 preferred share for each share of common held by each shareholder (so I get 100) at a time when its E&P is $1,000.
b) In 2009, I sell 50 of the preferred shares for $150.
c) Does your answer to a. above change if other shareholders got common shares instead of preferred.
d) Does your answer to b. change if I sold all the shares of Corp X (common and preferred) that I owned?
|
Kodak managers analyzed the value system
: If Kodak managers analyzed the value system, it would help them ascertain the following:
|
|
What is the briefcase direct material price variance
: Last year, Caan Enterprises budgeted for production and sales of 28,000 leather briefcases. What is the briefcase's direct material price variance
|
|
Will the trade policies of president elect trump
: Will the trade policies of President Elect Trump lead to additional "gains from trade" or will these policies lead to a reduction in "gains from trade"?
|
|
Prepare the current assets section of flounder company
: Prepare the current assets section of Flounder Company's December 31, 2017, balance sheet, with appropriate disclosures.
|
|
Discuss what tax result from the following transactions
: Corp MH owns 80 shares of Corp X, and NJH, an individual, owns the other 20 shares. HJH'S total basis in her shares is $20
|
|
Prepare the stockholders equity section of the balance sheet
: Common stock, $2.50 par value, 1.8 million shares authorized, 1.2 million shares issued, Prepare the stockholders' equity section of the balance sheeet
|
|
Rising public debt bad for an economy
: What is the public debt going to be at the end of fiscal year 2019. Finally, why is rising public debt bad for an economy, from an economics perspective?
|
|
What is the equivalent annual annuity
: what is the Equivalent Annual Annuity (EAA) for the two projects? Based on the EAA, which project is better
|
|
Disenchantment with talona currency
: International financial investors are moving funds from Talona to other countries. This depreciation is causing even more disenchantment with this Talona.
|