Swift Corporation agreed to redeem some of the shares of two of

Swift Corporation agreed to redeem some of the shares of two of its shareholders. It distributed land (basis $55,000 and fair n1arket value $120,000) to Sam in exchange for part of his stock. Sam's ba...

Jane is the sole shareholder of Buttons, Inc. Buttons has

Jane is the sole shareholder of Buttons, Inc. Buttons has accumulated earnings and profits (E & P) of $65,000 at the beginning of the current year. The current E & P is $35,000. Buttons pays out a pro...

Jane is the sole shareholder of Buttons, Inc. Buttons has

Jane is the sole shareholder of Buttons, Inc. Buttons has a deficit of $60,000 in accumulated earnings and profits (E & P) at the beginning of the current year. Current E & P is $35,000. If Buttons pa...

Ridge Corp., a calendar year C corporation, made a non

Ridge Corp., a calendar year C corporation, made a non liquidating cash distribution to its shareholders of $1,000,000 with respect to its stock. At that time, Ridge's current and accumulated earnings...

Fox Corp. owned 2,000 shares of Duffy Corp.

Fox Corp. owned 2,000 shares of Duffy Corp. stock that it bought in year 0 for $9 per share. In year 8, when the fair market value of the Duffy stock was $20 per share, Fox distributed this stock to a...

On January 1, year 5, Olinto Corp., an accrual

On January 1, year 5, Olinto Corp., an accrual basis, calendar year C corporation, had $35,000 in accumulated earnings and profits. For year 5, Olinto had current earnings and profits of $15,000 and m...

Hirsch, Incorporated, is a calendar year corporation that has had

Hirsch, Incorporated, is a calendar year corporation that has had revenues of less than $500,000 since inception. In 2017, Hirsch had a net operating loss that \Vas able to be used in full via a carry...

In the current year, Acorn, Inc., had the following

In the current year, Acorn, Inc., had the following items of income and expense: The dividends were received from a corporation of which Acorn owns 30%. In Acorn's current-year corporate income tax...

Ron, David, and Mary formed Widget, Inc. Ron

Ron, David, and Mary formed Widget, Inc. Ron and David each received 40% of the stock, and Mary received the remaining 2001o. Ron contributed land with an FMV of $70,000 and an adjusted basis of $20,0...

Gearry and Olinto organized The Worthington Corp., which issued voting common

Gearry and Olinto organized The Worthington Corp., which issued voting common stock with a fair market value of $240,000. They each transferred property in exchange for stock as follows: The buildin...