Indigo Corporation Taxation Assignment Help With Solution

Posted on March 9, 2017

Indigo Corporation Taxation Assignment Help With Solution 

 
1. Indigo Corporation will redeem Linda’s stock in a qualifying transaction for $150,000.
 
It may use (a) cash; (b) unneeded property: FMV $150,000, basis $75,000; or (c) unneeded property: FMV $150,000, basis $195,000.
Linda prefers cash, Indigo doesn’t care.
What are the tax consequences to Indigo? What should it do?
 
2. Julio is in the 33% bracket. He acquired 2,000 shares of Gray Corporation 7 years ago at $50 per share.
Gray redeems 1,000 shares for $150,000. It has E&P of $1,000,000.What happens if;
a. The payment qualifies as a redemption?
b. The payment does not qualify?
 
3. As in Problem 39, but Julio is a corporate shareholder, in the 34% bracket and owned 25% of Gray.
 
4. Same as Problem 39, but Julio has a capital loss carryover of $50,000, and no other capital transactions.What can he deduct if:
a. The $150,000 is treated as a redemption?
b. The $150,000 is not treated as a redemption?
c. What should he choose and why?
 

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5. Same as problem 41, but Julio is a corporation in the 34% bracket and owned 25% of Gray.What happens if:
a. The $150,000 is treated as a redemption?
b. The $150,000 is not treated as a redemption?
 
6. Emma and Laine form EL partnership.
Emma contributes $100,000 for 50%. Laine contributes property (FMV: $100,000; basis: $40,000) for 50%.

a. How much gain does each recognize?
b. What basis does Emma and Laine have in their partnership interest (outside basis)?
c. What is EL’s basis in the assets received?
 
7.•Kenisha and Shawna form KS LLC.
•Kenisha contributes $360,000 for 50%;
•Shawna contributes property (FMV: $360,000; basis: $380,000) for 50%.
 
8. Mike & Melissa form MM Partnership.

1. Mike contributes:
a. $40,000 &
b. Property (FMV: $100,000; basis: $120,000).
2. Melissa contributes: a. Assets (FMV: $140,000; basis: $115,000).What happens?
 
9.
•As in Problem 30, but Mike sells the land to a third party for its $100,000 value and contributes the money instead.
•MM acquires substitute land with the money.
•What happens?
 
10. Gil’s outside basis in GO Partnership is $100,000.

In a proportionate, non-liquidating distribution he gets: a. cash of $30,000; b. inventory (FMV: $40,000; basis: $20,000); and c. land (FMV: $90,000; basis: $50,000).

The partnership continues.

A. What is the partnership’s recognized gain/loss?

B. What is Gil’s recognized gain/loss?

C. What is Gil’s basis in the land, inventory and remaining outside basis?
 
11. Teri’s outside basis in TMF partnership is $80,000.

In a proportionate non-liquidating distribution she gets: a. $30,000 cash; b. $60,000 A/R (inside basis $0), and c. land (FMV: $60,000, inside basis: $80,000). Teri remains a partner.

A. What is the recognized gain/loss to TMF?
B. What is the recognized gain/loss to Teri?
C. What is Teri’s basis in: (1) land, (2) A/R and (3) TMF?
 
12. Sam’s partnership basis is $46,000.
In a proportionate, non-liquidating distribution he receives: a. $6,000 in cash and b. two parcels of land with bases of $30,000 each. FMVs are $40,000 and $20,000.
 

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