Distribution of land, The stock of Hill Corp. is 60 percent

Distribution of land

Reference no: EM13186294

The stock of Hill Corp. is 60 percent owned by Joe and 40 percent owned by Joe's brother, Bob. During 2010, Bob transferred land (with a basis to Bob of $300,000 and a fair market value of $320,000) as a contribution to capital to Hill Corp. During March 2011, Hill Corp. adopted a plan of liquidation and subsequently made a pro rata distribution of the land back to the brothers. At the time of the liquidating distribution, the land had a fair market value of $160,000. What amount of loss can be recognized by Hill Corp. on the distribution of land?

Reference no: EM13186294

Questions Cloud

Develop a training schedule for hoosier burgers end users : Develop a training schedule for Hoosier Burger's end users, develop a hardware and software installation schedule for Hoosier Burger and develop User Documentation for the Delivery Customer Order Form.

Depict the structural formula of a compound : Write the structural formula of a compound with an unbranched chain of five carbon atoms that is an alkanal, Consider E/Z stereochemistry of alkenes. Do not show stereochemistry in other cases.

How to continue with the simultaneous move assumption : Two firms are competing in an oligopolistic industry. Firm 1, the larger of the two, is contemplating its capacity strategy, which we can broadly characterize as "aggressive" or "passive." The "aggressive" strategy involves a large increase in cap..

Gross income for the current taxable year : How much does Jane include in her gross income for the current taxable year with respect to the distribution to her?

Distribution of land : The stock of Hill Corp. is 60 percent owned by Joe and 40 percent owned by Joe's brother, Bob. During 2010, Bob transferred land (with a basis to Bob of $300,000 and a fair market value of $320,000) as a contribution to capital to Hill Corp.

Determine the nash equilibrium warranties : Acura and Volvo offer warranties on the automibiles, where wA is the number of years of an Acura warranty and w - V is the number of years of a Volvo waranty. The revenue for Firm i, i = A for Acura and V for Volvo is TRi=27,000wi / wA +wV. The fi..

Enough information to create a project plan : Based on the information known in the case, assess whether or not you have enough information to create a project plan. Identify the parts you could fully complete, parts that you could partially complete, and parts where you have no information to c..

Find out the equilibrium partial pressures : Calculate the equilibrium partial pressures and the total pressure if the initial partial pressures are PPCL 5 = 3.08atm, PPCl3 = 1.92atm, and PCL2 = 1.6atm.

What is the actual state of the economy : Unemployment is one of the major concerns that people have in today's economy, since losing one's job can be one of the most devastating events a person can experience. But what do the numbers actually mean. What is the actual state of the econ..

User Account

All Pages