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Question 1: A law firm has recently been hired to form VENTURE 3 LLC for three individuals and two LLP members. The LLC will elect Tax Corp. and then elect S status.
The LLC uses Section 351 to transfer the individuals' contributions to the newly formed company. Below, the outside accountancy firm has collected the following information. The tax parter at the accountancy firm has asked you to complete the information below.
Question 2: Tim Matthew's attorney set up a new LLC for him called 360 LLC. Tim plans on transferring $2 Million Land ($1.4 Million Basis) and $8 Million FMV Intangible Asset ($50,000 Tax Basis).
The attorney has issued full membership ownership to Tim in the form of shares of the LLC.
Tim will also receive a $500,000 Note that the LLC is to pay off in one year. The tax accountancy partner has given this information to you and has asked you to compute the realized gain and the recognized gain for this transaction (you can use the C:2-25 Example in the text for the allocation). The LLC will elect Tax Corporate and use Section 351.
You been asked to compute as follows:
Determine Emily's itemized deductions. Which of these items can and cannot be listed as medical deductions? What is her 2011 taxable income?
Advise John Jones what amounts would be included in his assessable income and whether he return on a cash or accrual basis.
Prepare a memorandum for your Tax MAnager explaining why the exchange does or does not mee the Sec 351 control requirements. Your Manager has sugested that, at a minimum you consult the following authorities
Tax accountant, to advise them on the tax implications of the proposed financing agreement. After researching the matter, issue your advice in a tax research memo.
Compute the companys profit margin - administrative expenses of $15,000; and income tax expense
Critically analyze whether any Government in the world is always administer their nation in the interest of citizens. Hint: You may include various examples in your discussion. Bear in mind that your discussions should not be politically motivate..
During the year, Emma purchased a bathtub manufactured by Periwinkle for $1300. The bathtub only cost Periwinkle $700 to manufacture and is sold to the general public for $2,600.
consider that an initial price for an item is 5.00 and the quantity demanded is 350 units per week. when price is
What are the potential advantages and disadvantages to a company's shareholders if the company increases the proportion of debt in its capital structure?
question 1.jacqueline corporation acquired new office furniture on 13th july 2013 for 80000. jacqueline did not elect
Due to some bad planning, Adam could not pay his taxes when filing his tax return. Adam finally made his payment in full on July 10. How much is the late payment penalty that will be assessed against Adam?
What part of that distribution was a dividend and How much of each of their distribution will be taxed as a dividend?
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