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

Assignment question1 the alternative minimum tax is the

Assignment Question 1. The alternative minimum tax is the excess of the tentative minimum tax amount over the regular tax amount. True False 2. The minimum tax credit available for a corporation's alternative minimum tax ...

Tax seminaryou are the instructor of a one-day tax seminar

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 help you prepare ...

Prepare a 2015 form 1120 - us corporation income tax return

Prepare a 2015 Form 1120 - U.S. Corporation Income Tax Return - for Freddy Falcon Inc. based on the information provided: Prepare the return as if you were preparing it for an actual client. All necessary forms and sched ...

Preferred stock bailouts and personal holding company

"Preferred Stock Bailouts and Personal Holding Company" Please respond to the following: From your analysis of Section 306 in the e-Activity, differentiate between the tax treatment of earnings and profit on the distribu ...

Corporate taxation please respond to the

"Corporate Taxation" Please respond to the following: • Analyze the significant rules concerning the manner in which corporations treat the dividends that they are paying. Based on your analysis, recommend at least two c ...

Assignment tax-planning client letter on irrevocable trusts

Assignment: Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax Suppose you are a CPA, and your client has requested advice regarding establishing an irrevocable trust for his two grandchildren. He ...

Assignment1you are the tax director for a fortune 500

Assignment 1. You are the tax director for a FORTUNE 500 company and the new CFO comes to you and asks you what ASC 740 is? He also asks you to tell him what a deferred tax asset is and when it can be reflected on the co ...

Assignmentncc corporation is considering building a new

Assignment NCC Corporation is considering building a new facility in Texas. To raise money for the capital projects, the corporation plans the following capital structure: 30% of money will come from issuing bonds, and 7 ...

Please fully answer the following1 what is a 501c3

Please fully answer the following 1. What is a 501(c)(3) organization? Does this type of organization pay income taxes? 2. What does the term three-factor formula refer two? 3. What are we referring to when we say that w ...

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 ...

  • 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