Reference no: EM133771558
Question:
1.Part 1: On January 1, 2020, Mark Z., an individual owned all of the stock of Mita Corporation with an adjusted basis of $2,000. During 2020 Mark Z. received distributions from Mita Corporation totaling $30,000, consisting of $10,000 in cash and listed securities having a basis in in Mita Corporation and a fair market value on the date distributed of $20,000. Mita Corporation's taxable year is the calendar year. As of December 31, 2020, Mita Corporation had earnings and profits accumulated after February 28, 1913, in the amount of $26,000, and it had no earnings and profits and no deficit for 2020. What result to the shareholder under Section 301?
2.Part 2: The facts are the same as in Example 1 with the exceptions that the shareholder of Mita Corporation is Banana Corporation and that the securities which were distributed had an adjusted basis to Mita Corporation M of $15,000. The distribution received by Banana Corporation totals $25,000 consisting of $10,000 in cash and securities with an adjusted basis of $15,000. What result to the shareholder under Section 301?
3.An individual, H, his wife, W, his son, S, and his grandson (S's son), G, own the 100 outstanding shares of stock of a corporation, each owning 25 shares. Apply the stock attribution rules and determine each individual's interest in the corporation.
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