Corporate Taxation Essay Example for Free

Corporate Taxation Essay1. The definition of property as it relates to a ingredient 351 feat includes money. (TRUE) 2. A valuepayer always will have a measure stem in boot original in a discussion section 351 transaction equal to its fair market value. (TRUE) 3. Mandel transferred property to his new jackpot in a section 351 transaction. One of the properties transferred was land with a fair market value of $200,000 and a taskation founding of $250,000. The corporation will always take a tax hind end in the land of $200,000 to prevent the built-in loss from being transferred from Mandel to the corporation. (FALSE) 4. Han transferred land to his corporation in a section 351 transaction. Han had held the land for two years prior to the transfer. The corporation will tack Hans holding item for the land. (TRUE) 5. Roberta transfers property with a tax basis of $400 and a fair market value of $ calciferol to a corporation in tack for pipeline with a fair market value o f $350 in a transaction that qualifies for deferral to a lower place section 351.The corporation assumed a liability of $cl on the property transferred. What is the amount realized by Roberta in the exchange? ($500) 6. Antoine transfers property with a tax basis of $500 and a fair market value of $600 to a corporation in exchange for farm animal with a fair market value of $550 in a transaction that qualifies for deferral nether section 351. The corporation assumed a liability of $50 on the property transferred. What is Antoines tax basis in the stock received in the exchange? ($450) 7. Carlos transfers property with a tax basis of $500 and a fair market value of $800 to a corporation in exchange for stock with a fair market value of $650 and $50 in a transaction that qualifies for deferral on a lower floor section 351. The corporation assumed a liability of $100 on the property transferred.What is the corporations tax basis in the property received in the exchange? ($550) 8. Tri stan transfers property with a tax basis of $900 and a fair market value of $1,200 to a corporation in exchange for stock with a fair market value of $900 and $200 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $100 of the property transferred. What is the corporations tax basis in the property received in the exchange? ($1,100)9. Ashley transfers property with a tax basis of $5,000 and a fair market value $3,000 to a corporation in exchange for stock with a fair market value of $2,000 and $500 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $500 on the property transferred. What is Ashleys tax basis in the stock received in the exchange? ($4,000) 10. Which of the following statements best describes the concept of control as it applies to a section 351 transaction? Control is defined as the ownership of 80 percent of more(prenominal) of a corporations voting stock and 80 p ercent or more of the total number of shares of separately class of nonvoting stock.