Questions from General Taxation

Q: Roberto has a basis of $6,000 in a partnership

Roberto has a basis of $6,000 in a partnership at the beginning of the year. He receives $7,000 in cash distributions, his distributive share of income is $3,500, and he receives a land distribution w...

Q: When a corporation is formed, in certain cases the transferor may

When a corporation is formed, in certain cases the transferor may report a gain. What are the instances in which a gain would be reported? In these cases, what is the basis of the stock held by the tr...

Q: What is the dividends received deduction? What is its purpose?

What is the dividends received deduction? What is its purpose?

Q: Determine taxable income in each of the following instances. Assume that

Determine taxable income in each of the following instances. Assume that the corporation is a C corporation and that book income is before any income tax expense. a. Book income of $50,000 including c...

Q: LMNO Corporation was formed in 2010. It reported net income (

LMNO Corporation was formed in 2010. It reported net income (loss) over the 2009 through 2016 tax years, before accounting for any net operating losses, as follows: 2010 $ (4,000) 2011 $ 19,000 2012 $...

Q: Determine the amount of taxable dividend, nontaxable distribution, and capital

Determine the amount of taxable dividend, nontaxable distribution, and capital gain, for the distributions made in each of the following cases: a. Corporate E&P of $10,000, shareholder stock basis of...

Q: A corporation has regular taxable income of $370,000 and

A corporation has regular taxable income of $370,000 and a regular tax liability of $125,800. It has positive tax preference items totaling $310,000. You have determined that the corporation is subjec...

Q: Refer to Problem 54. Determine the amount of taxable income and

Refer to Problem 54. Determine the amount of taxable income and separately stated items in each case, assuming the corporation was a Subchapter S corporation. Data from question 54: Determine taxable...

Q: Refer to Problem 58. Determine the amount of taxable income and

Refer to Problem 58. Determine the amount of taxable income and separately stated items in each case, assuming the corporation is a Subchapter S corporation. Ignore any carryforward items. Data from...

Q: An individual contributes property with an FMV in excess of basis to

An individual contributes property with an FMV in excess of basis to a corporation in exchange for stock. The property is subject to a mortgage. In each of the following instances, determine the basis...