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

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 ...

Tax research paperthe topic is listed below try to

TAX RESEARCH PAPER The topic is listed below. Try to incorporate any applicable Code, Regulations, Revenue Rulings, and court decisions. The paper is to include a Title Page and a Bibliography at end of the paper. The bo ...

Consolidated tax return with intercompany

Consolidated Tax Return with Intercompany Transactions ParentCo and SubCo are calendar year corporations that keep their respective books on the accrual basis. The companies have taxable income of $200,000 and $250,000, ...

Accountancy assignment 1tax returnjoon age 51 is an

Accountancy Assignment 1 Tax Return Joon, age 51, is an unmarried, cash basis, calendar year taxpayer. Joonhas one 9-year-old qualifying child who lives with him full-time and is claimed on Form 1040. Joon has the follow ...

Assignment lasa-tax seminaryou are the instructor of a

Assignment: LASA-Tax Seminar You are the instructor of a one-day tax seminar to inform international students studying business in the United States about the current tax system. You are preparing a background report to ...

Discussion question 1a law practice was incorporated on

Discussion Question 1 A law practice was incorporated on January 1, 2016, and expects to earn $25,000 per month before deducting the lawyer's salary. The lawyer owns 100% of the stock. The corporation (a personal service ...

Tax memoentity formationyou are a cpa in private practice

Tax Memo:Entity Formation You are a CPA in private practice and a client of yours comes into your office and tells you he is starting a new business. He tells you that he will be starting a bungee jumping school. He says ...

Dq1tom an executive for a large corporation enjoys the

DQ1 Tom, an executive for a large corporation, enjoys the challenge of preparing his tax return. He is aggressive in preparing his return and searches through all the available publications to reduce his tax liability. I ...

State income tax projectthis project will give you some

State income tax project This project will give you some exposure to the differences in income taxes on the state level in the United States as you compare the income tax rates among three states. The starting point is t ...

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 ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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