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1. Anna transferred land with an adjusted basis to her of $20,000 and a fair market value of $56,000 to Elm Corporation in exchange for 100% of Elm Corporation’s only class of stock. The land was subject to a liability of $26,000, which Elm assumed for legitimate business purposes. The fair market value of Elm’s stock at the time of the transfer was $30,000. What is the amount of Anna’s recognized gain? Explain.
2. John Smith transferred money and property to Corporation X solely in exchange for stock in X. Immediately after the exchange, John owned 80% of the total combined voting power of all classes of stock entitled to vote and 51% of all other classes of stock. No gain or loss will be recognized by John or X. True or False - explain.
3. If a shareholder of a controlled or solely owned corporation receives no additional shares for a contribution of property to the corporation, the basis of the property received by the corporation is the same as it was to the shareholder. True or False - explain!
4. A corporation’s holding period for an asset received in a nontaxable capital contribution includes the time the asset was held by the transferor. True false - explain!
flip company purchased equipment on july 1 2011 for 90000. it is estimated that the equipment will have a 5000 salvage
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Journalize the entry to record Midland's purchase of Shipley Wireless for $320,000 cash plus a $480,000 note payable.
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both high-income and low-income employees are covered by cafeteria plans. under such plans all employees may select
Which of the following would be treated as an extraordinary item?
1. minimum disclosures are not required as part of interim reporting fora. sales or gross revenuesb. primary and fully
smoky mountain corporation makes two types of hiking boots-xtreme and the pathfinder. data concerning these two
Income from operations for Division B is $150,000, total service department charges are $400,000and operating expenses are $2,266,000. What are the revenues for Division B?
is there a way to permanently change the page layout to fit to page on excel 2011 mac?recently switched fromm pc to
On December 1, 2011, Barnum Company (a U.S. -based on company) entered into a three-month forward contract to purchase 1,000,000 ringgits on March 1, 2012. The following U.S. dollar per ringgit exchange rates apply.
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