Questions from Federal Taxation

Q: In each of the following cases, determine the corporations that comprise

In each of the following cases, determine the corporations that comprise an affiliated group. All corporations are includible corporations and have one class of stock. a. B Corporation owns 100% of C...

Q: Cindy has a $4,000 basis in her partnership interest

Cindy has a $4,000 basis in her partnership interest before receiving a nonliquidating (current) distribution of property having a $4,500 basis and a $6,000 FMV from the CDE Partnership. Cindy has a c...

Q: In each of the following cases, determine the corporations that comprise

In each of the following cases, determine the corporations that comprise an affiliated group. All corporations are includible corporations and have one class of stock unless otherwise indicated. a. P...

Q: Pierre Corporation’s management is negotiating with Salem Corporation’s management to purchase some

Pierre Corporation’s management is negotiating with Salem Corporation’s management to purchase some of Salem’s stock. Salem’s ou...

Q: P Corporation owns all of S Corporation’s stock. P and S

P Corporation owns all of S Corporation’s stock. P and S have filed consolidated tax returns for several years. Determine whether the affiliated group terminates in each of the following circumstances...

Q: Assume the same facts as in Problem C:8-32

Assume the same facts as in Problem C:8-32. What tax returns must the corporations file for the current year? From problem 32: P Corporation owns all of S Corporation’s stock. P and S have filed conso...

Q: P Corporation owns all the stock of S1 and S2 Corporations.

P Corporation owns all the stock of S1 and S2 Corporations. The corporations have filed calendar year, consolidated tax returns for several years. On September 15 of the current year, P sells all of S...

Q: P Corporation uses the calendar year as its tax year and the

P Corporation uses the calendar year as its tax year and the accrual method as its overall accounting method. S Corporation uses a fiscal year ending June 30 as its tax year and the cash method as its...

Q: P Corporation acquires all the stock of S Corporation on October 15

P Corporation acquires all the stock of S Corporation on October 15 of the current year, which is the 288th day of the year (and not a leap year). Neither corporation is affiliated with another corpor...

Q: P, S1, and S2 Corporations have filed consolidated tax returns

P, S1, and S2 Corporations have filed consolidated tax returns for several years. In the current year (Year 1), S1 sells land to S2 for $275,000. S1 purchased the land for $120,000 several years ago a...