Assume the same facts in 53 except Olivia received 40 shares and the fair market value of
Question:
Assume the same facts in 53 except Olivia received 40 shares and the fair market value of the property she contributed was $16,000. Is the transaction nontaxable under Code Sec. 351?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (1 review)
In this scenario Olivia contributes property with a fair market value of 16000 as opposed to 250000 ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
Question Posted:
Students also viewed these Business questions
-
Assume the same facts in 55 except Olivia received 40 shares and the fair market value of the property she contributed was \(\$ 16,000\). Is the transaction nontaxable under Code Sec. 351?
-
Choose a firm that operates in a competitive industry and apply the two frameworks for competitive advantage Porter's framework and RBV framework in conducting an analysis of the firm and its...
-
49. Olivia and Tatiana form Jen Co. in 2018. Olivia contributed services worth $24,000 and property worth $1,000 and Tatiana contributed property worth $25,000. Each received 25 shares of Jen Co. Is...
-
What does this code print (unless it produces an error)? print(int("trick1".upper()[-1])==1)
-
White Ltd commenced trading on 1 July Year 3 and draws up its accounts for the year ended 30 June Year 4. During its first year of trading the company pays total telephone expenses of 3,500. The...
-
The 2014 cost for Virginia residents to attend the University of Virginia was $20,986. The circle graph below shows the percentage of that cost for tuition, room, board, and books/supplies. Determine...
-
Consider a typical situation involving the flow of a fluid that you encounter almost every day. List what you think are the important physical variables involved in this flow and determine an...
-
A sheet of cellulose acetate film containing 5.00wt% liquid acetone enters an adiabatic dryer where 90% of the acetone evaporates into a stream of dry air flowing over the film. The film enters the...
-
4. Solve and find an explicit solution to (x+2)2y+8y=5-4xy. dy da
-
Michelle Ellis transfers land and inventory to Verve Corporation in return for 100 percent of its stock. The land has a fair market value of $200,000 and an adjusted basis of $90,000. The inventory...
-
Olivia and Tatiana form Jen Co. earlier this year. Olivia contributed services worth $24,000 and property worth $1,000 and Tatiana contributed property worth $25,000. Each received 25 shares of Jen...
-
Are there legal restrictions affecting this problem? Is there a need to balance public health concerns and individual legal rights? Are there legal requirements that impact the analysis? Is new...
-
An urban transportation company purchases a new van for $30,000. Each day the company rents out the van, it makes a profit of $160. Assume the company plans on keeping the van for 5 years and has a...
-
A path is comprised of stright line and a circular path of radius R . A particle of mass m is connected to a spring ( k N / m ) . The mass is pushed moved to the left, which compresses the spring and...
-
F D 2b b K b TQ The reaction force A = The reaction force A, = The pin force B = The pin force C, on the beam ABC = The pin force D, on the beam DBE = R a Determine the forces in each pin-joint of...
-
Write a C program to make such a pattern like a pyramid with a number which will repeat the number in the same row. 1 22 333 4444
-
How does one navigate the labyrinthine landscape of growth opportunities within the contemporary economic milieu, accounting for intricate market dynamics, technological advancements, and...
-
Use the information in Practice 3-3 to compute the debt ratio. Assume that the list includes all liability and equity items.
-
The May 2014 revenue and cost information for Houston Outfitters, Inc. follow: Sales Revenue (at standard).............. $ 540,000 Cost of Goods Sold (at standard) ..........341,000 Direct Materials...
-
The IRS audited Tonys return, and Tony agreed to pay additional taxes plus the negligence penalty. Is this penalty necessarily imposed on the total additional taxes that Tony owes? Explain.
-
Distinguish between the burdens of proof the government must meet to prove civil and criminal fraud.
-
Teds current year return reported a tax liability of $1,800. Teds wage withholding for the current year was $2,200. Because of his poor memory, Ted did not file his current year return until May 28...
-
The following information concerns production in the Forging Department for June. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred...
-
What is an example of a specific perceptual error that you have experienced? This could be a time that someone misperceived something about you or someone around you or a time when you misperceived...
-
What characteristics of Australia set its biodiversity apart from other global regions? Explain
Study smarter with the SolutionInn App