Quail recognized gain or loss on distribution of property

Assignment Help Financial Accounting

Reference no: EM133208322

The stock of Quail Corporation is held as follows: 90% by Pheasant Corporation and 10% by Gisela, an individual. Quail Corporation is liquidated in December of the current year pursuant to a plan adopted earlier in the year. At the time of its liquidation, Quail Corporation has assets with a basis of $871,400 and fair market value of $1,219,960. Quail Corporation distributes the property pro rata to Pheasant Corporation and to Gisela.

If an amount is zero or there is no gain or loss, enter "0" If required, round your answers to the nearest dollar.

a. What is Quail's recognized gain or loss on the distribution of property to Pheasant?

Because the liquidation of Quail is a________liquidation, Quail recognizes_______of_________on liquidating distributions to Pheasant.

b. What is Quail's recognized gain or loss on the distribution of property to Gisela?

Because Gisela is Quail_________recognizes__________of $ ________on the distribution of property to Gisela.

Reference no: EM133208322

Questions Cloud

History of accounting : As discussed in the "History of Accounting" section of this chapter, accounting is used even in the early ancient periods.

Tax consequences of liquidation to magenta-fuchsia-marta : Regarding the tax consequences of the liquidation to Magenta, Fuchsia, and Marta.

List four substantive procedures to test valuation assertion : List 4 substantive procedures to test the valuation assertion for BB's inventory. Do not use an analytical procedure as part of your answer.

Calculate logans recognized gain is fill in the blank two : Assume that Jonathan's land is worth $90,000 and he gives Logan $10,000 cash. Logan's recognized gain is $fill in the blank 2.

Quail recognized gain or loss on distribution of property : What is Quail's recognized gain or loss on distribution of property to Pheasant? What is Quail's recognized gain or loss on distribution of property to Gisela?

What is operating leverage and what cause operating leverage : What is operating leverage and what causes operating leverage? What is financial leverage and what causes financial leverage?

What two things that interesting about forensic psychologist : What are two things that are interesting about forensic psychologist and why? What are two of the most challenging aspects of this area of forensics

Explain to the owners benefits of completing variance report : Explain to the owners the benefits of completing a variance report. Explain whether variations and changes are required to the General Budget allocated.

User Account

All Pages