Taxes: What is the tax impact to a C or S corporation

Question # 00608352 Posted By: katetutor Updated on: 10/27/2017 12:10 PM Due on: 10/27/2017
Subject Chemistry Topic Biochemistry Tutorials:
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Taxes: What is the tax impact to a C or S corporation
9- Beth's business purchased only one asset during the current year. It placed in service machinery (7-year property) on December 1 with a basis of $50,000. Calculate the maximum depreciation expense (ignoring Section 179 or bonus expensing)

10- Ilene rents her second home. During 2009, Ilene reported a net loss of $15,000 from the rental. If Ilene is an active participant in the rental and her AGI is $140,000, how much of the loss can she deduct against ordinary income in 2009?

11- What is the tax impact to a taxable corporation or an S corporation when it makes a property distribution to a shareholder?

12- What item(s) affect the tax basis of a shareholder in a taxable corporation?

13- Roberta transfers property with a tax basis of $400 and a fair market value of $500 to a corporation in exchange for stock with a fair market value of $350 in a transaction that qualifies for deferral under Section 351. The corporation assumed a liabilityof $150 on the property transferred. What is the amount realized by Roberta in the exchange?

14- Camille transfers property with a tax basis of $800 and a fair market value of $1,200 to a corporation in exchange for stock with a fair market value of $850 and $350 in a transaction that qualifies for deferral under Section 351. Camille also incurred selling expenses of $100. What is the amount realized by Camille in the exchange

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  1. Tutorial # 00606883 Posted By: katetutor Posted on: 10/27/2017 12:11 PM
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