Posted: May 3rd, 2021

Vista corporation, which has current earnings and profits (ce&p)

Vista Corporation, which has current earnings and profits (CE&P) of $10,000 and accumulated earnings and profits (AE&P) of $30,000, makes a $43,000 distribution to its sole shareholder, Julie, at the end of the current year. Julie has a basis in her Vista stock of $2,000. What is the amount of taxable income Julie must report from the Vista distribution? (Points : 5)
$43,000
$41,000
$40,000
$10,000

Question 3. 3. Willow Corporation exchanged land valued at $250,000 (adjusted basis = $175,000) for a building owned by Tree Corporation valued at $350,000 (adjusted basis = $200,000) and $50,000 cash. In addition, Willow assumed the $150,000 mortgage on Tree’s building. What are Willow and Tree’s realized gains or losses on the properties exchanged, respectively?
(Points : 5)
$75,000, 0
$75,000, $150,000
$225,000, $150,000
$225,000, $200,000
None of the above
Cal contributes property valued at $50,000 (adjusted basis = $30,000) to a partnership in exchange for a partnership interest valued at $40,000 and $10,000 cash. What is Cal’s recognized gain or loss on these transfers?
(Points : 5)
0
$4,000
$10,000
$20,000
James corporation exchanges a building (fair market value = $800,000, adjusted basis = $600,000) that has a $100,000 mortgage for another building owned by Pete Corporation (fair market value = $1,100,000, adjusted basis = $600,000) that is encumbered by a $400,000 mortgage. Each party assumed the mortgage on the building received. What are James’s and Pete’s realized gains on this exchange, respectively? (Points : 5)
$200,000, $500,000
$200,000, $600,000
$500,000, $600,000
$500,000, $500,000
None of the above
In a qualified reorganization: (Points : 5)
Gain is generally deferred.
Only stock can be exchanged for stock.
One corporation must acquire all the assets of another corporation.
Two or more corporations are always involved.

Expert paper writers are just a few clicks away

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

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