Accounting Assignment | College Homework Help

– 13. Magenta Corporation acquired land in a $ 351 exchange one year ago. The land ha fair market value of $350,000 on the date of the tran exchange one year ago. The land had a basis of $320,000 and a et vullie of $350,000 on the date of the transfer. Magenta Corporation has two shareholders, Mark (10%) and Megan (30%), who are brother and sister. Magenta Corporation adopts a plan of liqui current year. On this date, the land has decreased in value to $250,000.College Homework Help
Magenta Corporation selt Juvu ana distributes the proceeds pro rata to Mark and Megan. What amount of loss may Magenta Corporation recognize on the sale of the land? a. $0 b. $21,000 c. $30,000 d. $70,000 e. None of these 55,000 – 40,000 215,000 14. Robin Corporation distributes furniture (basis of $40,000: fair market value of $50,000) as a property dividend its shareholders. The furniture is subject to a liability of $55.000. Robin Corporation recognizes gan a. $55.000. b. $15,000.
Liability – ban’s c. $10,000 d. $0. 50 e. None of these _ 15. Interpret the following citation: 64-1 USTC 49618, aff’d in 344 F.2d 966. a. A U.S. Tax Court Small Cases Division decision that was affirmed on appeal. – b. A U.S. Tax Court decision that was affirmed on appeal. C. À U.S. District Court decision that was affirmed on appeal. d. A U.S. Court of Appeals decision that was affirmed on appeal. e. None of these. Huntintries Corneration that become worthless in thGet Accounting Homework Help today

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