HW For Tax 2
Stefan Sharet
HW 2
1. A corporation would still be required to file a tax return as any corporation must file unless it has dissolved. Each corporation must file under form 1120.
2. The negative adjusted current earnings adjustment can be made without limitation is a false statement.
3. Illinois Corp recognizes a sec. 1231 $40,000 gain because the $60,000 FMV minus the $20,000 adjusted basis once it makes the liquidating distribution. Springer recognizes a capital gain to the extent that its land FMV is in excess of the basis in Illinois stock. His basis for the land is its fair market value which is $60,000.Stefan Sharet
HW 2
1. A corporation would still be required to file a tax return as any corporation must file unless it has dissolved. Each corporation must file under form 1120.
2. The negative adjusted current earnings adjustment can be made without limitation is a false statement.
3. Illinois Corp recognizes a sec. 1231 $40,000 gain because the $60,000 FMV minus the $20,000 adjusted basis once it makes the liquidating distribution. Springer recognizes a capital gain to the extent that its land FMV is in excess of the basis in Illinois stock. His basis for the land is its fair market value which is $60,000.Stefan Sharet
HW 2
1. A corporation would still be required to file a tax return as any corporation must file unless it has dissolved. Each corporation must file under form 1120.
2. The negative adjusted current earnings adjustment can be made without limitation is a false statement.
3. Illinois Corp recognizes a sec. 1231 $40,000 gain because the $60,000 FMV minus the $20,000 adjusted basis once it makes the liquidating distribution. Springer recognizes a capital gain to the extent that its land FMV is in excess of the basis in Illinois stock. His basis for the land is its fair market value which is
HW 2
1. A corporation would still be required to file a tax return as any corporation must file unless it has dissolved. Each corporation must file under form 1120.
2. The negative adjusted current earnings adjustment can be made without limitation is a false statement.
3. Illinois Corp recognizes a sec. 1231 $40,000 gain because the $60,000 FMV minus the $20,000 adjusted basis once it makes the liquidating distribution. Springer recognizes a capital gain to the extent that its land FMV is in excess of the basis in Illinois stock. His basis for the land is its fair market value which is $60,000.Stefan Sharet
HW 2
1. A corporation would still be required to file a tax return as any corporation must file unless it has dissolved. Each corporation must file under form 1120.
2. The negative adjusted current earnings adjustment can be made without limitation is a false statement.
3. Illinois Corp recognizes a sec. 1231 $40,000 gain because the $60,000 FMV minus the $20,000 adjusted basis once it makes the liquidating distribution. Springer recognizes a capital gain to the extent that its land FMV is in excess of the basis in Illinois stock. His basis for the land is its fair market value which is $60,000.Stefan Sharet
HW 2
1. A corporation would still be required to file a tax return as any corporation must file unless it has dissolved. Each corporation must file under form 1120.
2. The negative adjusted current earnings adjustment can be made without limitation is a false statement.
3. Illinois Corp recognizes a sec. 1231 $40,000 gain because the $60,000 FMV minus the $20,000 adjusted basis once it makes the liquidating distribution. Springer recognizes a capital gain to the extent that its land FMV is in excess of the basis in Illinois stock. His basis for the land is its fair market value which is