Vogel, Inc., an S corporation for five years, distributes a tract of land held as an...

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Vogel, Inc., an S corporation for five years, distributes a tract of land held as an investment to Jamari, its majority shareholder. The land was purchased for $116,000 ten years ago and is currently worth $290,000. If an amount is zero, enter, "0". a. As a result of the distribution, what is Vogel's recognized capital gain? How much is reported as a distribution to shareholders Vogel recognizes Jamari would take a $ of $ which is reported on Schedule K, and basis in the land. b. What is the net effect of the distribution on Vogel's AAA? There is a net of $ on Vogel's AAA. C. Assume instead that the land had been purchased for $290,000 and was currently worth $116,000. How much would Vogel recognize as a loss? What would be the net effect on Vogel's AAA? What would be Jamari's basis in the land? Vogel recognizes a loss of $ and the net effect on Vogel's AAA is Jamari would take a $ basis in the land. of $ Vogel, Inc., an S corporation for five years, distributes a tract of land held as an investment to Jamari, its majority shareholder. The land was purchased for $116,000 ten years ago and is currently worth $290,000. If an amount is zero, enter, "0". a. As a result of the distribution, what is Vogel's recognized capital gain? How much is reported as a distribution to shareholders Vogel recognizes Jamari would take a $ of $ which is reported on Schedule K, and basis in the land. b. What is the net effect of the distribution on Vogel's AAA? There is a net of $ on Vogel's AAA. C. Assume instead that the land had been purchased for $290,000 and was currently worth $116,000. How much would Vogel recognize as a loss? What would be the net effect on Vogel's AAA? What would be Jamari's basis in the land? Vogel recognizes a loss of $ and the net effect on Vogel's AAA is Jamari would take a $ basis in the land. of $

Answer rating: 100% (QA)

a Vogels recognized capital gain is the fair market value of the land minus its adjusted basis Recog... View the full answer