Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Taxation Expert

problem) Pace Corp. donates the following property to Landon Elementary School:

A car with an adjusted basis of $15,000; current FMV is $18,000. Computer equipment built one year ago at a cost of $1,700 with $4,500 FMV on the contribution date. (Pace manufactures and sells computer equipment.) The school plans to sell the car in an auction and use the proceeds to renovate classrooms to be used as computer laboratories. The computer equipment will be placed in these new classrooms and will be available for students to use for learning and class work.

What is the total of Pace Corp.'s charitable contributions for the year, before any taxable income limitations?

problem) Pace Corp. also reports the following results for the current year:

                  Gross profit on sales                                       $120,000

                  NOL carryover from two years ago                  $10,000

                  Short-term capital loss                                     $5,000

                  Dividends from 15%-owned domestic corp.     $30,000

                  Operating expenses                                         $65,000

problem) What are Pace's taxable income and income tax liability? Include the deduction, if any, for charitable contributions find outd in problem 1 and assume qualified production activities income is $55,000 and related W-2 wages are $20,000.

problem) In a §351 transaction, Ava transfers the following assets to O'Hagan Inc. in exchange for all of its stock:

1590_stock.jpg

a.What is Ava's basis in the shares?

b.What is the corporation's basis in each asset and overall?

problem) Do the following scenarios qualify as Section 351 nontaxable transfers? If so, for which transferors-shareholders does Section 351 apply?

a. Betty and Archie form East Corporation. Betty performs legal services in exchange for 1,250 shares of East stock. Archie exchanges property for 2,655 shares of East stock.

b. Julian owns all 150 shares of Bubbles Inc. valued at $75,000. Ricky contributes property to Bubbles Inc. in exchange for 45 newly issued shares and Julian also contributes additional property worth $5,000 for 5 new shares.

Taxation, Accounting

  • Category:- Taxation
  • Reference No.:- M9265

Have any Question? 


Related Questions in Taxation

Tax return-problem c corporationinstructionsplease complete

Tax return-problem: C corporation Instructions: Please complete the Express Catering, Inc.'s 2014 tax return based upon the information provided below. If required information is missing, use reasonable assumptions to fi ...

Assignmentsuppose you are a cpa and you have a corporate

Assignment Suppose you are a CPA, and you have a corporate client that has been operating for several years. The company is considering expansion through reorganizations. The company currently has two subsidiaries acquir ...

Partnerships and tax-exempt organizations please respond to

"Partnerships and Tax-Exempt Organizations" Please respond to the following: • Imagine that your new client would like to form a partnership. The client has asked you to assist in avoiding transactions that might result ...

Tax memo multi state and international taxyou are the tax

Tax Memo: Multi state and international tax You are the Tax Director in a FORTUNE 500 company. There is a new CFO and he comes to your office and asks the following: "I understand that there are ways to shift income betw ...

Truefalse on tax1 an s corporation cannot incur a tax

TRUE/FALSE ON TAX 1. An S corporation cannot incur a tax liability at the corporation level. a. True b. False 2. S corporation status allows shareholders to realize tax benefits from corporate losses immediately (assumin ...

Discussionpart 1 please respond the following question no

Discussion PART 1 PLEASE RESPOND THE FOLLOWING QUESTION NO LESS THEN 350 WORDS (ORIGINAL WORK, NO PLAGIARISM, 1 Reference "Gift Transfers and Gift Tax Planning" Please respond to the following: • Per the text and IRC, a ...

Assignemntspencer duck is single and his eight year old son

Assignemnt Spencer Duck is single and his eight year old son, Mitch, lives with him nine months of the year in his mother, spencer's ex-wife, during the summer months. his mother provides more than half of Mitch's suppor ...

Taxplease fully answer the following1 what does it mean

Tax Please fully answer the following: 1. What does it mean when we say that there is a unified gift and estate tax in the US? 2. What is the difference between the estate and gift tax and the income taxation of estates ...

Tax projectour tax project has changed slightly due to the

TAX PROJECT: Our tax project has changed slightly due to the Presidential Election Year. Your project is to prepare a document, no longer than five pages, reviewing and addressing the following: - Tax policy of Democrati ...

Tax assignmenta1what code section discusses partnership

TAX Assignment A.) 1. What Code Section discusses partnership formation under the Internal Revenue Code? 2. How does this Section differ from a corporate formation under Section 351? 3. What does it mean when we say that ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen