Corporate Taxation Essays

Corporate Taxation Essays Corporate Taxation Essay Corporate Taxation Essay 1. The definition of belongings as it relates to a subdivision 351 dealing includes money. ( TRUE ) 2. A taxpayer ever will hold a revenue enhancement footing in boot received in a subdivision 351 dealing equal to its just market value. ( TRUE ) 3. Mandel transferred belongings to his new corporation in a subdivision 351 dealing. One of the belongingss transferred was land with a just market value of $ 200. 000 and a revenue enhancement footing of $ 250. 000. The corporation will ever take a revenue enhancement footing in the land of $ 200. 000 to forestall the built-in loss from being transferred from Mandel to the corporation. ( FALSE ) 4. Han transferred land to his corporation in a subdivision 351 dealing. Han had held the land for two old ages prior to the transportation. The corporation will tack Han’s keeping period for the land. ( TRUE ) 5. Roberta transportations belongings with a revenue enhancement footing of $ 400 and a just market value of $ 500 to a corporation i n exchange for stock with a just market value of $ 350 in a dealing that qualifies for deferral under subdivision 351. The corporation assumed a liability of $ 150 on the belongings transferred. What is the sum realized by Roberta in the exchange? ( $ 500 ) 6. Antoine transportations belongings with a revenue enhancement footing of $ 500 and a just market value of $ 600 to a corporation in exchange for stock with a just market value of $ 550 in a dealing that qualifies for deferral under subdivision 351. The corporation assumed a liability of $ 50 on the belongings transferred. What is Antoine’s revenue enhancement footing in the stock received in the exchange? ( $ 450 ) 7. Carlos transportations belongings with a revenue enhancement footing of $ 500 and a just market value of $ 800 to a corporation in exchange for stock with a just market value of $ 650 and $ 50 in a dealing that qualifies for deferral under subdivision 351. The corporation assumed a liability of $ 100 on the belongings transferred. What is the corporation’s revenue enhancement footing in the belongings received in the exchange? ( $ 550 ) 8. Tristan transportations belongings with a revenue enhancement footing of $ 900 and a just market value of $ 1. 200 to a corporation in exchange for stock with a just market value of $ 900 and $ 200 in a dealing that qualifies for deferral under subdivision 351. The corporation assumed a liability of $ 100 of the belongings transferred. What is the corporation’s revenue enhancement footing in the belongings received in the exchange? ( $ 1. 100 ) 9. Ashley transportations belongings with a revenue enhancement footing of $ 5. 000 and a just market value $ 3. 000 to a corporation in exchange for stock with a just market value of $ 2. 000 and $ 500 in a dealing that qualifies for deferral under subdivision 351. The corporation assumed a liability of $ 500 on the belongings transferred. What is Ashley’s revenue enhancement footing in the stock received in the exchange? ( $ 4. 000 ) 10. Which of the undermentioned statements best describes the construct of control as it applies to a subdivision 351 dealing? Control is defined as the ownership of 80 per centum of more of a corporations voting stock and 80 per centum or more of the entire figure of portions of each category of nonvoting stock.