Reference no: EM133081305
Questions -
Q1. Lakers C-corporation is owned equally by Tobin and her sister /vana, each of whom holds 150 shares in the company. Ivana wants to reduce her ownership in the company, and it was decided that the company will redeem 60 of her shares for $10,000 per share on December 31, 2020. Ivana's income tax basis in each share is $6,000. Lakers has total E&P of $1,000,000. What are the tax consequences to /vana because of the stock redemption?
a. $240,000 capital gain and a tax basis in each of her remaining shares of $6,000.
b. $0 capital gain and a tax basis in each of her remaining shares of $6,000.
c. $240,000 capital gain and a tax basis in each of her remaining shares of $10,000.
d. $600,000 dividend and a tax basis in each of her remaining shares of $6;000.
e. $600,000 dividend and a tax basis in each of her remaining shares of $10,000.
Q2. Jazz, LLC was formed on August 1, 2021. When the partnership was formed, Jean contributed $10,000 in cash and inventory with a FMV and tax basis of $40,000. In addition, Gillian contributed equipment with a FMV of $30,000 and adjusted basis of $25,000 along with accounts receivable with a FMV and tax basis of $20,000. Also, Chelsea contributed land with a FMV of $70,000 and tax basis of $35,000. Finally, Sarah contributed a machine, secured by $5,000 of debt, with an FMV of $10,000 and a tax basis of $20,000. What is the total inside basis of all the assets contributed to Jazz, LLC?
a. $150,000.
b. $145,000.
c. $155,000.
d. $180,000.
e. $185.000.
f. $175,000.
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