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Author Question: A corporation is owned 70% by Jones and 30% by Smith. Jones owns 70 shares with a cost of $100 each. ... (Read 123 times)

sc00by25

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on: Sep 13, 2020

Question 1

A corporation distributes land worth $200,000 to its sole shareholder.  The corporation had purchased the land several years ago for $120,000.  The corporation has over $1 million of E&P.  How much income will the corporation and the shareholder recognize?

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Question 2

A corporation is owned 70% by Jones and 30% by Smith. Jones owns 70 shares with a cost of $100 each. Smith owns 30 shares with a cost of $100 per share. The company redeems 20 shares from Jones at a redemption price of $400 per share. No stock is redeemed from Smith. This is not a redemption to pay death taxes, and it is not a partial liquidation. What is the tax impact on Jones?
◦ capital gain of $6,000
◦ capital gain of $8,000
◦ dividend income of $6,000
◦ dividend income of $8,000
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by sc00by25 on Sep 13, 2020

Missbam101

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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sc00by25

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

bdobbins

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Reply 3 on: Yesterday
Gracias!

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