User Account

All Pages

What are the tax consequences to bob

Assignment Help Accounting Basics
Reference no: EM132013902

Question - Bob, Sam and Tom formed IU Inc. in 2014. Bob contributed equipment (Code Sec. 1231 property) he acquired in 2011 for $190,000. On the date of transfer, the equipment's adjusted basis and fair market value were $100,000 and $150,000, respectively . Bob received 150 shares of IU Inc. Sam transferred land (capital asset) which he acquired in 2008. The land's adjusted basis and fair market value on the date of transfer were $50,000 and $250,000, respectively. Bob received 250 shares of IU Inc. Tom contributed inventory with an adjusted basis of $35,000 and a fair market value of $50,000 in return for 50 shares of IU Inc.

a. What are the tax consequences to Bob?

b. What are the tax consequences to Sam?

c. What are the tax consequences to Tom?

Reference no: EM132013902

Questions Cloud

Discuss the differences between what constitutes substance : Discuss the differences between what constitutes substance use versus substance abuse in both a child and in an adult? Be sure to cite scholarly sources in your
How does networking capital affect the npv : How does networking capital affect the NPV of a five-year project if working capital is expected to increase by $25,000 and the firm has a 15% cost of capital?
Why was president richard nixon forced to resign : While Nixon was a republican, why did this public sentiment also have a long term impact on democrats, considering their philosophy of government?
Examples of requirements necessary for citizenship : To further understand citizenship in a democratic society, what are some examples of requirements necessary for citizenship in a democratic society
What are the tax consequences to bob : On the date of transfer, the equipment's adjusted basis and fair market value were $100,000 and $150,000, What are the tax consequences to Bob
What led to the civil right movement : What led to the civil right movement? What was the benefit of the movement socially, economically and politically?
Address the problems of the great depression : Describe three ways that the New Deal sought to address the problems of the Great Depression.
What is the salary increase worth to you today : Your new job offers a savings plan that pays 1.00 percent in interest each month. You can't participate in the plan, however, until you have 6 years.
Harmful to the the modern world order : Great Man" and whether the concept of "the Great Man" and the figures who have claimed such status have been helpful or harmful to the the modern world order

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd