Reference no: EM131220019
In 2015, Dick, Evan, and Fran form Triton Corporation. Dick contributes land (a capital asset) having a $50,000 FMV in exchange for 50 shares of Triton stock. He purchased the land in 2013 for $60,000. Evan contributes machinery (Sec. 1231 property purchased in 2012) having a $45,000 adjusted basis and a $30,000 FMV in exchanged for 30 shares of Triton stock. Fran contributes services worth $20,000 in exchange for 20 shares of Triton stock.
a. What is the amout of Dick's recognized gain or loss?
b. What is Dick's basis in his Triton shares? When does his holding period begin?
c. What is the amount of Evan's recognized gain or loss?
d. What is Evan's basis in his Triton shares? When does his holding period begin?
e. How much income, if any, does Fran recognize?
f. What is Fran's basis in her Triton shares? When does her holding period begin?
g. What is Triton's basis in the land and the machinery? When does its holding period begin? How does Triton treat the amount paid to Fran for her services?
Cash flow used for investments-cash flow from operations
: What is the difference between cash flow used for investments and the cash flow from operations called? In addition to providing a report on the effectiveness of its disclosure controls and internal control over financial reporting, the company’s pri..
|
Brief introduction of the scene and the accident
: Once you have read all of the materials, write an incident report utilizing the Guide for Identifying Causal Factors & Corrective Actions located on pages 156-160 in the textbook. What are your findings? What is/are your recommended corrective ac..
|
Segmentation of the workforce
: How does segmentation of the workforce apply to sex and ethnicity? Do the contemporary economic restructuring processes favor one sex or ethnicity? Why or why not?
|
Successful automobile manufacturing industry
: As part of your discussion, keep in mind that the U.S. already has another successful automobile manufacturing industry, but it is not centered in the north of the country. Toyota, Honda, Daimler-Benz, and others have manufacturing plants in the ..
|
What is the amount of evans recognized gain or loss
: In 2015, Dick, Evan, and Fran form Triton Corporation. Dick contributes land (a capital asset) having a $50,000 FMV in exchange for 50 shares of Triton stock. He purchased the land in 2013 for $60,000. What is Dick's basis in his Triton shares? When ..
|
Supply and demand curve for bicycles
: What happens in a supply and demand curve for bicycles when a video showing a terrible bicycle crash goes viral?
|
Operating hair dressing business
: George and Li Shan Shan are operating a hair dressing business. They decide to form a company because their business is expanding rapidly. Advise George of the type of contract that he has entered into and its consequences. Include in your advice any..
|
Evaluate the three proposals for expansion
: On October 1, 2015, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development. Evaluate the three propos..
|
Write a function template that finds median of three values
: The median of three numbers is the middle number after the three numbers have been arranged in increasing order. Write a function template that finds the median of three values.
|