Calculate the price
of
your order:

275 words
+
Approximate price
$ 0.00

Adv Federal Taxation ACC 317

32. On September 30, Silver Corporation, a calendar year taxpayer, sold a parcel of land (basis of $400,000) for a $1 million note. The note is payable on five installments, with the first payment due next year. Because Silver did not elect out of the installment method, none of the $600,000 gain is taxed this year.
silver corp. had a $300,000 deficit in accumulated E&P at the beginning if the year. Before considering the effect if the land sale, Silver had a deficit in current E&P of $50,000.
sam, the sole shareholder of Silver, has a basis of the $200,000 in his stock. If silver distributes $900,000 to sam on December 31, how much income must he report for tax purposes.

42. cerulean corporation has two equal shareholders, Eloise and Olivia. Eloise acquired her Cerulean stock three years ago by transferring property worth $700,000 basis of $300,000, for 70 shares of the stock. Olivia acquired 70 shares in cerulean corporation two year ago by transferring property worth $660,000, basis of $110,000. Cerulean corporation’s accumulated E&P as of January 1 of the current year is $350,000. on march 1 of current year, the corporation distributed to Eloise property worth $120,000, basis to cerulean of $50,000. it distributed cash of $220,000 to Olivia. on July 1 of the current year, Olivia sold her stock to Magnus for $820,000. on December 1 of the current year, cerulean distributed cash of $90,000 each to Magnus and Eloise. what are the tax issues?

 

51. Robert and Lori (Roberts sister) own all of the stock in swan corporation (e & p of $1 million). Each owns 500 shares and has a basis of $85,000 in the shares. Robert wants to sell his stock for $600,000,  the fair market value, but he will continue to be employed as an officer of Swan Corporation after the sale. Lori would like to purchase Robert’s shares and , thus become the sole shareholder of Swan, but lori is short of funds. What are the tax consequences to Robert, Lori and Swan Corporation under the following circumstances?
a. Swan Corp distributes cash of $600,000 to lori, and she uses the cash to purchase Roberts shares.
b. Swan corporation redeems all of Roberts shares for $600,000.  

Basic features

  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support

On-demand options

  • Writer's samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading

Paper format

  • 275 words per page
  • 12pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, CHicago/Turabian, Havard)

Guaranteed originality

We guarantee 0% plagiarism! Our orders are custom made from scratch. Our team is dedicated to providing you academic papers with zero traces of plagiarism.

Affordable prices

We know how hard it is to pay the bills while being in college, which is why our rates are extremely affordable and within your budget. You will not find any other company that provides the same quality of work for such affordable prices.

Best experts

Our writer are the crème de la crème of the essay writing industry. They are highly qualified in their field of expertise and have extensive experience when it comes to research papers, term essays or any other academic assignment that you may be given!

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00

Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.

error: Content is protected !!
Open chat
1
Reliance Papers Inc.
Get Help With All Your Homework Questions. Any Deadline, Affordable, Quality Work Guaranteed!!