Ch 6 Ques
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Ch 6 Ques

Course Number: ACCT 450, Spring 2012

College/University: SUNY Albany

Word Count: 7946

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Name: ________________________ Class: ___________________ Date: __________ ID: A Chapter 6 True/False Indicate whether the statement is true or false. ____ 1. The Code treats corporate distributions that are a return from a shareholders investment as sales or exchanges and corporate distributions that are a return of a shareholders investment as dividends. ____ 2. For tax purposes, all stock redemptions are...

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________________________ Name: Class: ___________________ Date: __________ ID: A Chapter 6 True/False Indicate whether the statement is true or false. ____ 1. The Code treats corporate distributions that are a return from a shareholders investment as sales or exchanges and corporate distributions that are a return of a shareholders investment as dividends. ____ 2. For tax purposes, all stock redemptions are treated as dividend distributions. ____ 3. Noncorporate shareholders generally prefer a nonqualified stock redemption over a qualifying stock redemption due to the availability of the dividends received deduction. ____ 4. A shareholders basis in property received in a stock redemption is the propertys fair market value. ____ 5. A shareholders holding period of property acquired in a stock redemption begins on the date of the distribution. ____ 6. Vireo Corporation redeemed shares from its sole shareholder pursuant to a written agreement between the parties that clearly identified the transaction as a stock redemption (and not a dividend distribution). Since the agreement is binding under state law, the shareholder will receive sale or exchange treatment with respect to the redemption. ____ 7. In applying the stock attribution rules to a stock redemption, stock owned by a shareholder who owns 65% of a corporation is deemed to be owned in full by the corporation. ____ 8. In a not essentially equivalent redemption [ 302(b)(1)], the meaningful reduction test is an objective safe harbor rule that taxpayers can rely upon for sale or exchange treatment. ____ 9. As a result of a redemption, a shareholders interest (direct and indirect) in the corporation decreased from 58% to 45%. The redemption qualifies for sale or exchange treatment as a disproportionate redemption. ____ 10. Puffin Corporations 2,000 shares outstanding are owned as follows: Paul, 800 shares; Sandra (Pauls sister), 800 shares; and Greta (Pauls granddaughter), 400 shares. During the current year, Puffin (E & P of $1 million) redeemed 600 shares of Pauls stock for $100,000. If Paul had acquired the 600 shares five years ago for $30,000, he will have a long-term capital gain of $70,000 from the redemption. ____ 11. Sally and her mother are the sole shareholders of Owl Corporation. During the current year, Owl distributes cash in redemption of all of Sallys stock. Sally continues to be employed as controller for Owl after the redemption. The distribution is a complete termination redemption resulting in sale or exchange treatment for Sally. ____ 12. Reginald and Roland (Reginalds son) each own 50% of the stock of Robin Corporation. Reginalds stock interest is entirely redeemed by Robin Corporation. Two years later, Reginald loans Robin Corporation $250,000. The loan to Robin Corporation constitutes a prohibited interest for purposes of the family attribution waiver. 1 Name: ________________________ ID: A ____ 13. In 2008, Floyd carried out a successful complete termination redemption of his stock in Gray Corporation. Floyd was able to qualify the transaction as a complete termination redemption only by use of the family attribution waiver. In 2011, Floyd receives stock in Gray Corporation as a gift from his father. Floyd has acquired a prohibited interest within the 10-year postredemption period and, as a result, the 2008 redemption no longer qualifies as a complete termination redemption. ____ 14. For purposes of a partial liquidation, the not essentially equivalent to a dividend test is applied at the corporate level. ____ 15. A partial liquidation cannot result in sale or exchange treatment to a shareholder if it results in a pro rata stock redemption. ____ 16. To qualify a partial liquidation under the termination of a business test, the distribution must consist of the proceeds from the sale of a qualified trade or business. ____ 17. For a stock redemption to qualify for sale or exchange treatment under 303 (redemption to pay death taxes), it need not satisfy any of the 302 redemption provisions. ____ 18. Bettys adjusted gross estate is $7 million. The death taxes and funeral and administration expenses of her estate total $800,000. Included in Bettys gross estate is stock in Heron Corporation, valued at $2.1 million as of the date of her death in 2011. Betty had acquired the stock six years ago at a cost of $410,000. If Heron Corporation redeems $800,000 of Heron stock from the estate, the transaction will qualify under 303 as a redemption to pay death taxes and receive sale or exchange treatment. ____ 19. In a redemption to pay death taxes, stock in corporations in which the decedent held a 20% or more interest is treated as stock in a single corporation for purposes of determining whether the value of stock owned by the decedent exceeds 35% of the value of the decedents adjusted gross estate. ____ 20. Grackle Corporation (E & P of $600,000) distributes cash of $200,000 and land (fair market value of $400,000; basis of $250,000) to a shareholder in a qualifying stock redemption. The land distributed is subject to a mortgage of $460,000. Grackle will recognize a gain of $150,000 as a result of the distribution. ____ 21. At a time when Blackbird Corporation had E & P of $700,000 and 1,000 shares of stock outstanding, the corporation distributed $300,000 to redeem 400 shares of its stock. The transaction qualified as a disproportionate redemption for the shareholder. Blackbirds E & P is reduced by $280,000 as a result of the distribution. ____ 22. Swan Corporation incurred $10,000 of accounting fees and $15,000 of legal fees in connection with the redemption of stock from its shareholders. None of the expenditures are deductible by Swan. ____ 23. In the current year, Donovan sells to an unrelated individual 500 shares of preferred stock in Flamingo Corporation for $15,000. Donovan received the preferred stock in a nontaxable stock dividend four years ago from Flamingo (E & P of $700,000). At that time, the preferred stock had a fair market value of $45,000, and $20,000 of common stock basis was properly allocated to the preferred stock. Donovan will recognize a $5,000 loss as a result of the sale of the preferred stock. 2 Name: ________________________ ID: A ____ 24. Tammy forms White Corporation in a transaction qualifying under 351. In that transaction, Tammy transferred cash and equipment in exchange for White Corporation common (1,000 shares) and preferred (200 shares) stock. The preferred stock is 306 stock for Tammy. ____ 25. Three years ago, Darlene received preferred ( 306) stock pursuant to a nontaxable stock dividend from Grackle Corporation. In the current year, Darlene gives the Grackle preferred stock to her sister, Nancy. The Grackle preferred stock is not 306 stock with regards to Nancy. ____ 26. For purposes of the application of 304 (redemptions through the use of related corporations), a shareholder must own (direct or indirectly) at least 80% of the stock of two more corporations. ____ 27. Abel owns all the stock of both Beige Corporation and Brown Corporation. Both corporations have significant amounts of E & P. Abel sells some of his stock in Beige to Brown Corporation. Abel will have dividend income as a result of the sale of Beige stock. ____ 28. Legal dissolution under state law is not required for a liquidation to be complete for tax purposes. ____ 29. One difference between the tax treatment accorded nonliquidating and liquidating distributions is with respect to the recognition of losses by the distributing corporation. As a general rule, a corporation recognizes losses on liquidating distributions of depreciated property (fair market value less than basis) but not on nonliquidating distributions of such property. ____ 30. As a general rule, a liquidating corporation recognizes gains and losses on the distribution of property in complete liquidation. ____ 31. The related-party loss limitation does not apply to a distribution of property in complete liquidation that was appreciated (fair market value greater than basis) when it was transferred to the corporation. ____ 32. The built-in loss limitation in a complete liquidation does not apply to losses attributable to a decline in a propertys fair market value after its transfer to the corporation. ____ 33. The related-party loss limitation in a complete liquidation can apply to a distribution or sale of property while the built-in loss limitation applies only to distributions of property. ____ 34. When a shareholder receives property subject to a liability pursuant to a complete liquidation (not a parent-subsidiary liquidation), the fair market value of the property is reduced by the amount of the liability in computing the shareholders gain (or loss) on the liquidation. ____ 35. Shareholders may defer gain, to the point of collection, on a liquidating distribution of installment notes obtained by the corporation in the sale of its assets. ____ 36. Section 332 does not apply to a parent-subsidiary liquidation if the subsidiary corporation is insolvent on the date of the liquidation. ____ 37. If a liquidation qualifies under 332, any minority shareholder will recognize gain (but not loss) equal to the difference between the fair market value of assets received and the basis of the shareholders stock. 3 Name: ________________________ ID: A ____ 38. A subsidiary corporation is liquidated at a time when it is indebted to its parent corporation. The subsidiary corporation distributes property to the parent corporation in satisfaction of the indebtedness. If the liquidation is governed by 332, neither the subsidiary nor the parent recognize gain or loss on the transfer of property in satisfaction of indebtedness. ____ 39. Brown Corporation purchased 85% of the stock of Green Corporation five years ago for $850,000. In the current year, Brown Corporation liquidates Green Corporation and acquires assets with a basis to Green Corporation of $700,000 (fair market value of $1.1 million). Brown Corporation will have a basis in the assets of $700,000, the same as Greens basis in the assets. ____ 40. Sparrow Corporation purchased 90% of the stock of Warbler Corporation eight years ago for $1 million. In the current year, Sparrow liquidates Warbler and acquires assets with a basis to Warbler of $850,000 (fair market value of $1.2 million). Sparrow will have a basis in the assets of $850,000 (Warblers basis in the assets), and a recognized loss of $150,000 ($1 million basis in Warbler stock $850,000 carryover basis in assets). ____ 41. A subsidiary is liquidated pursuant to 332. The parent has held 100% of the stock in the subsidiary for the past ten years. The subsidiary has E & P of $600,000 at the time of liquidation. The subsidiarys E & P disappears as a result of the liquidation. ____ 42. For purposes of the 338 election, a corporation must acquire, in a taxable transaction, at least 80% of the stock (voting power and value) of another corporation within an 12-month period. ____ 43. A parent corporation must make the 338 election by the fifteenth day of the third month following the close of the tax year in which a qualified stock purchase occurs. ____ 44. If a parent corporation makes a 338 election, the subsidiary recognizes gains and losses as result of a deemed sale of its assets. ____ 45. One advantage of acquiring a corporation via an asset purchase instead of a stock purchase is that an asset purchase avoids the transfer of the acquired corporations liabilities. Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Five years ago, Eleanor transferred property she had used in her sole proprietorship to Blue Corporation for 1,000 shares of Blue Corporation in a transaction that qualified under 351. The assets had a tax basis to her of $100,000 and a fair market value of $270,000 on the date of the transfer. In the current year, Blue Corporation (E & P of $800,000) redeems 250 shares from Eleanor for $220,000 in a transaction that does not qualify for sale or exchange treatment. With respect to the redemption, Eleanor will have a: a. $195,000 capital gain. b. $220,000 capital gain. c. $195,000 dividend. d. $220,000 dividend. e. None of the above. 4 Name: ________________________ ID: A ____ 2. Five years ago, Eleanor transferred property she had used in her sole proprietorship to Blue Corporation for 1,000 shares of Blue Corporation in a transaction that qualified under 351. The assets had a tax basis to her of $100,000 and a fair market value of $270,000 on the date of the transfer. In the current year, Blue Corporation ( E & P $800,000) redeems 250 shares from Eleanor for $220,000 in a transaction that qualifies for sale or exchange treatment. With respect to the redemption, Eleanor will have a: a. $195,000 capital gain. b. $220,000 capital gain. c. $195,000 dividend. d. $220,000 dividend. e. None of the above. ____ 3. Finch Corporation distributes property (basis of $140,000, fair market value of $200,000) to a shareholder in a distribution that is a qualifying stock redemption. The property is subject to a liability of $90,000, which the shareholder assumes. The basis of the property to the shareholder is: a. $0. b. $50,000. c. $110,000. d. $140,000. e. None of the above. ____ 4. Ember Corporation has 500 shares of stock outstanding: Zoe owns 170 shares, Leticia owns 95 shares, and Samuel owns 55 shares. Sage Partnership owns the other 180 shares in Ember Corporation. Zoe, Leticia, and Samuel, all unrelated, are equal partners of the Sage Partnership. In applying the stock attribution rules under 318: a. Zoe owns, directly and indirectly, 350 shares in Ember Corporation. b. Samuel owns, directly and indirectly, 115 shares in Ember Corporation. c. Leticia owns, directly and indirectly, 95 shares in Ember Corporation. d. Sage Partnership owns, directly and indirectly, 180 shares in Ember Corporation. e. None of the above. ____ 5. Kite Corporation has 1,000 shares of stock outstanding. Kent owns 250 shares, Kents father owns 150 shares, Kents brother owns 250 shares, and Kents son owns 50 shares. Plover Corporation owns the other 300 shares in Kite Corporation. Kent owns 60% of the stock in Plover Corporation. Applying the 318 stock attribution rules, how many shares does Kent own in Kite Corporation? a. 250. b. 400. c. 450. d. 630. e. None of the above. ____ 6. Cardinal Corporation has 1,000 shares of common stock outstanding. John owns 400 of the shares, Johns father owns 300 shares, Johns daughter owns 200 shares, and Redbird Corporation owns 100 shares. John owns 70% of the stock in Redbird Corporation. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of 318? a. 400. b. 600. c. 700. d. 1,000. e. None of the above. 5 Name: ________________________ ID: A ____ 7. Which of the following is an incorrect statement regarding the application of the 318 stock attribution rules? a. Stock owned by a partner is deemed to be owned in full by a partnership. b. Stock owned by a beneficiary is deemed to be owned in full by an estate. c. An individual is deemed to own the shares owned by his or her spouse, children, grandchildren, or parents. d. Stock owned by a corporation is deemed to be owned proportionately by any shareholder owning 50% or more of the corporations stock. e. None of the above. ____ 8. Currently, Brown Corporation (E & P of $800,000) has 1,000 shares of common stock outstanding. Pat owns 200 shares. His wife owns 400 shares, his daughter owns 100 shares, and his father owns 300 shares. Two years ago, Pat transferred $30,000 to Brown Corporation in exchange for 100 newly issued shares of nonvoting preferred stock. In the current year, Brown Corporation redeems Pats preferred stock for $50,000, its fair market value. With respect to the distribution in redemption of the preferred stock: a. Pat has dividend income of $20,000. b. Pat has dividend income of $50,000. c. Pat has a long-term capital gain of $20,000. d. Pat has a long-term capital gain of $50,000. e. None of the above. ____ 9. Hazel, Emily, and Frank, unrelated individuals, own all of the stock in Wren Corporation (E & P of $1.2 million) as follows: Hazel, 1,300 shares; Emily, 400 shares; and Frank, 300 shares. Wren redeems 300 of Hazels shares (basis of $60,000) for $450,000. With respect to the distribution in redemption of the stock: a. Hazel has a capital gain of $390,000. b. Hazel has dividend income of $450,000. c. Hazel has dividend income of $390,000. d. Hazel has a capital gain of $450,000. e. None of the above. ____ 10. Lucinda owns 1,100 shares of Blackbird Corporation stock at a time when Blackbird has 2,000 shares of stock outstanding. The remaining shareholders are unrelated to Lucinda. What is the minimum number of shares Blackbird must redeem from Lucinda so that the transaction will qualify as a disproportionate redemption? a. 880. b. 484. c. 393. d. 220. e. None of the above. ____ 11. Hannah, Greta, and Winston own the stock in Redpoll Corporation (E & P of $900,000) as follows: Hannah, 600 shares; Greta, 400 shares; and Winston, 1,000 shares. Greta is Hannahs daughter, and Winston is Hannahs brother. Redpoll Corporation redeems 400 of Hannahs shares (basis of $55,000) for $240,000. Hannah purchased the stock three years ago as an investment. With respect to the stock redemption, Hannah has: a. Dividend income of $185,000. b. Dividend income of $240,000. c. Long-term capital gain of $185,000. d. Long-term capital gain of $240,000. e. None of the above. 6 Name: ________________________ ID: A ____ 12. Kingbird Corporation (E & P of $800,000) has 1,000 shares of stock outstanding. That stock is held by Amata (550 shares) and Esteban (450 shares), who are unrelated individuals. Kingbird redeems 200 of Amatas shares for $1,000 per share. Amata paid $300 per share for her Kingbird stock nine years ago. Which of the following statements is correct with respect to the stock redemption? a. Amata has dividend income of $200,000. b. Amata has a long-term capital gain of $140,000. c. Amatas basis in her remaining 350 shares is $60,000. d. Kingbird reduces its E & P by $200,000. e. None of the above. ____ 13. Julian, Berta, and Maria own 400 shares, 400 shares, and 200 shares, respectively, in Caramel Corporation (E & P of $750,000). Berta is Julians sister, and Maria is Julians aunt. Caramel Corporation redeems all of Julians stock for $420,000. Julian paid $200 a share for the stock five years ago. Julian continued to serve on Caramels board of directors after the redemption. With respect to the redemption: a. Dividend income of $420,000. b. Long-term capital gain of $420,000. c. Dividend income of $340,000. d. Long-term capital gain of $340,000. e. None of the above. ____ 14. Lupe and Rodrigo, father and son, each own 50% of the stock outstanding of Heron Corporation (E & P of $400,000). During the current year, Heron redeems all of Lupes shares for $250,000. The transaction cannot qualify as a complete termination redemption if: a. Lupe filed an agreement with his return to notify the IRS of any prohibited interest acquired in the 10-year postredemption period. b. Lupe continued to serve on Heron Corporations board of directors for one year following the redemption. c. Lupe received a $250,000 note receivable from Heron in the stock redemption. d. Lupe loaned Heron Corporation $50,000 two years following the redemption. e. More than one of the above is correct. ____ 15. Leon owns 400 shares of the 1,000 outstanding shares of Crane Corporation (E & P of $650,000). None of the other shareholders of Crane are related to Leon. Leon acquired his Crane shares ten years ago for $60,000. Crane has operated several trades or businesses for more than five years. In the current year, Crane sells the assets of one of those trades or businesses and distributes the proceeds from the asset sale to the shareholders in a pro rata stock redemption. In this transaction, Leon receives $180,000 in redemption of 250 shares of Crane. As a result of this transaction, Leon will recognize: a. No gain or loss. b. $142,500 dividend income. c. $180,000 dividend income. d. $142,500 long-term capital gain. e. None of the above. 7 Name: ________________________ ID: A ____ 16. Which of the following statements is correct with respect to a partial liquidation? a. The genuine contraction of a corporate business requirement is a subjective test that taxpayers cannot rely upon with certainty. b. The distribution of proceeds from the sale of marketable securities (held for investment) to shareholders in exchange for part of their stock will satisfy the not essentially equivalent to a dividend test. c. A stock redemption pursuant to a partial liquidation cannot be pro rata with respect to the shareholders. d. The termination of a business test requires that the distributing corporation actively conducted at least three trades or businesses for at least five years. e. None of the above. ____ 17. The gross estate of April, decedent, includes stock in Brown Corporation and Parrot Corporation valued at $700,000 and $2.3 million, respectively. Aprils adjusted gross estate is $7.5 million. At the time of her death in 2011, April owned 24% of the Brown stock and 40% of the Parrot stock. Immediate members of Aprils family own the remaining shares of both Brown and Parrot. Those individuals are also the sole beneficiaries of Aprils estate. Death taxes and funeral and administration expenses for Aprils estate are $700,000. April had a basis of $130,000 in the Brown stock and $290,000 in the Parrot stock. Brown Corporation (E & P of $900,000) distributed land worth $700,000 (basis of $650,000) to Aprils estate in redemption of all of the Brown stock. Which of the following is a correct statement regarding the tax consequences of this redemption? a. The estate recognizes no gain (or loss) on the redemption. b. The estate recognizes $700,000 of dividend income on the redemption. c. Brown Corporation recognizes no gain (or loss) on the distribution of the land. d. The estate has a basis of $650,000 in the land. e. None of the above. ____ 18. The adjusted gross estate of Keith, decedent, is $6 million. Included in the gross estate is stock in Gold Corporation (E & P of $750,000), a closely held corporation, valued at $2.4 million as of the date of Keiths death in 2011. Keith had acquired the stock twelve years ago at a cost of $420,000. Death taxes and funeral and administration expenses for Keiths estate are $1.2 million. Gold Corporation redeems one-half of the stock from Keiths estate in a 303 redemption to pay death taxes using property with a fair market value of $1.2 million (adjusted basis of $950,000). Which of the following is a correct statement regarding the tax consequences of this redemption? a. The estate will have a basis of $950,000 in the property received from Gold Corporation in redemption of the estates stock. b. Gold Corporation will recognize gain of $250,000 on the distribution of the property to Keiths estate. c. Gold Corporation will not reduce its E & P as a result of the distribution of the property to Keiths estate. d. The estate will recognize a $990,000 long-term capital gain on the redemption. e. None of the above. 8 Name: ________________________ ID: A ____ 19. The adjusted gross estate of Debra, decedent, is $8 million. Debras estate will incur death taxes and funeral and administration expenses of $1 million. Debras gross estate includes stock in Silver Corporation that she had purchased twelve years ago for $600,000 (date of death fair market value of $3 million). At the time of her death in 2011, Debra owned 80% of the stock in Silver Corporation. Silver Corporation (E & P of $4 million) redeems all of the estates stock in the corporation for $3 million. Debras will names her daughter, Dena, who owns the remaining 20% interest in Silver Corporation, as her sole heir. With respect to this redemption, Debras estate has the following income: a. $0. b. $2.4 million long-term capital gain. c. $2 million dividend. d. $1 million dividend. e. None of the above. ____ 20. Which of the following is a correct statement regarding a redemption to pay death taxes under 303? a. An estate recognizes gain on the redemption equal to the excess of the distribution proceeds over the decedents basis in the stock. b. The value of the stock in the decedents gross estate must exceed 40% of the value of the adjusted gross estate. c. A corporation recognizes gains and losses on the distribution of property in the redemption. d. The redemption need not satisfy any of the 302 qualifying stock redemption provisions. e. None of the above. ____ 21. Vulture Corporation distributes land (basis of $250,000, fair market value of $475,000) to Bonita, a shareholder, to carry out a qualifying stock redemption. The land is distributed subject to a $300,000 liability. Bonita had a basis of $25,000 in the shares redeemed. With respect to the redemption: a. Vulture Corporation will recognize a gain of $50,000. b. Vulture Corporation will recognize a gain of $225,000. c. Bonita will recognize a gain of $450,000. d. Bonita will have a basis of $175,000 in land. e. None of the above. ____ 22. Pursuant to a qualifying stock redemption, Redbird Corporation (E & P of $400,000) transfers land held for investment purposes to Bob, a 10% shareholder. On the date of the distribution, Redbird has a basis of $200,000 in the land and its fair market value is $150,000. Bob has a basis of $40,000 in the shares redeemed. With respect to the redemption: a. Bob will recognize a gain of $110,000. b. Bob will have $150,000 of dividend income. c. Bob will have a $200,000 basis in the land. d. Redbird Corporation will recognize a capital loss of $50,000. e. None of the above. ____ 23. Canary Corporation has 1,000 shares of stock outstanding. It redeems in a qualifying stock redemption 350 shares for $400,000 at a time when it has paid-in capital of $100,000 and E & P of $1 million. What would be the charge to Canarys E & P as a result of the redemption? a. $400,000. b. $350,000. c. $140,000. d. $40,000. e. None of the above. 9 Name: ________________________ ID: 24. A ____ In the current year, Loon Corporation made a distribution in redemption of some of its shares. Loon incurred expenditures in connection with the redemption totaling $35,000 (accounting fees of $9,000, legal fees of $20,000, and brokerage fees of $6,000). The distribution was a qualifying stock redemption. How much of the $35,000 is deductible in the current year? a. $6,000. b. $9,000. c. $29,000. d. $35,000. e. None of the above. ____ 25. Which of the following is an incorrect statement regarding the tax consequences of a 306 stock sale? a. No loss is recognized on the sale. b. The shareholder generally recognizes ordinary income equal to the fair market value of the preferred stock on the date of the stock dividend. c. The issuing corporation reduces its E & P by the amount of sales proceeds. d. Any ordinary income recognized by the shareholder qualifies for the 15% (or 0%) maximum tax rate that applies to dividend income. e. None of the above. ____ 26. Connie sold 200 shares of 306 stock (basis of $10,000) in Blackbird Corporation to Larry (an unrelated individual) for $30,000. When the 306 stock was issued to Connie, the stock had a value of $30,000, and Blackbird had E & P of $500,000. At the time the 306 stock is sold, Blackbirds E & P is $550,000. At the time of the sale, Connie owned 750 shares of common stock (basis of $65,000) in Blackbird. With respect to the sale of the 306 stock by Connie: a. Connie has a $30,000 capital gain. b. Blackbird Corporation reduces its E & P by $30,000. c. Connie has a $20,000 capital gain. d. Connie has a $75,000 basis in the common stock. e. None of the above. ____ 27. Two years ago, Emily, the sole shareholder of Tan Corporation (E & P of $600,000), received a nontaxable stock dividend of 100 shares of preferred stock (fair market value of $100,000) from Tan. As a result of the stock dividend, Emily properly allocated $30,000 of her common stock basis to the preferred stock. One year ago, Emily made a gift of the preferred stock in Tan Corporation to her son, Matt. In the current year, Matt sells one-half of the shares of preferred stock to Betty, an unrelated party, for $50,000. With respect to the sale of the preferred stock by Matt: a. Matt will recognize ordinary income of $0. b. Matt will recognize ordinary income of $35,000. c. Matt will recognize ordinary income of $50,000. d. Matt will recognize a capital gain of $35,000. e. None of the above. ____ 28. Joe owns 100% of Green Corporation (E & P of $500,000) and 100% of Navy Corporation (E & P of $400,000). Joe sells 100 shares in Green (basis of $40,000) to Navy for $70,000, its fair market value. Joe purchased the stock in Green six years ago. Joe has: a. Dividend income of $30,000. b. Dividend income of $70,000. c. A long-term capital gain of $30,000. d. A long-term capital gain of $70,000. e. None of the above. 10 Name: ________________________ ID: A ____ 29. In comparing a qualifying stock redemption with a complete liquidation, which of the following statements is incorrect? a. Liquidations and qualifying stock redemptions parallel each other in terms of the effect that E & P has on the nature of the gain or loss recognized by the shareholder. b. The basis of property acquired is its fair market value on the date of distribution for both a qualifying stock redemption and a liquidation. c. Both a qualifying stock redemption and a complete liquidation produce sale or exchange treatment to the shareholder. d. A corporation will recognize gain upon the distribution of appreciated property for both a qualifying stock redemption and a complete liquidation, but a corporation will recognize loss upon a distribution of depreciated property only for a qualifying stock redemption. e. Section 267 disallows recognition of losses between related parties in a qualifying stock redemption but not in a complete liquidation. ____ 30. Pursuant to a complete liquidation, Woodpecker Corporation distributes the following assets to its unrelated shareholders: land held for six years as an investment (basis of $100,000, fair market value of $300,000), inventory (basis of $100,000, fair market value of $140,000), and marketable securities held for two years as an investment (basis of $200,000, fair market value of $120,000). What are the tax results to Woodpecker Corporation as a result of the liquidation? a. Woodpecker Corporation would recognize ordinary income of $40,000 and a net capital gain of $200,000. b. Woodpecker Corporation would recognize ordinary income of $40,000 and a net capital gain of $120,000. c. Woodpecker Corporation would recognize ordinary income of $40,000 and a net capital loss of $80,000. d. Woodpecker Corporation would recognize no gain or loss on the liquidation. e. None of the above. ____ 31. Pursuant to a complete liquidation, Oriole Corporation distributes to its shareholders land with a basis of $450,000 and a fair market value of $550,000. The land is subject to a liability of $600,000. What is Orioles recognized gain or loss on the distribution? a. $0. b. $100,000 gain. c. $150,000 gain. d. $50,000 loss. e. None of the above. ____ 32. The stock in Tangerine Corporation is held by two unrelated individuals, Janet (60%) and Joaquin (40%). One year before the liquidation of Tangerine, the shareholders transfer properties to the corporation in a transaction that qualifies under 351. Included in that transfer was land (basis of $600,000, fair market value of $650,000). Pursuant to its liquidation in the current year, Tangerine Corporation distributes the land (now worth $500,000) pro rata to the shareholders. What amount of loss will Tangerine recognize on the distribution? a. $0. b. $40,000. c. $60,000. d. $100,000. e. None of the above. 11 Name: ________________________ ID: A ____ 33. The stock in Black Corporation is owned entirely by Nancy (80%) and Wanda (20%), mother and daughter. Three years ago, Nancy contributed land (basis of $200,000, fair market value of $250,000) to Black Corporation in a transaction that qualified under 351. In the current year and pursuant to a complete liquidation of Black, the land is distributed proportionately to Nancy and Wanda. At the time of the liquidating distribution, the land had a fair market value of $100,000. What amount of loss will Black Corporation recognize on the distribution of the land? a. $20,000. b. $80,000. c. $100,000. d. $150,000. e. None of the above. ____ 34. Magenta Corporation acquired land in a 351 exchange one year ago. The land had a basis of $320,000 and a fair market value of $350,000 on the date of the transfer. Magenta Corporation has two shareholders, Mark (70%) and Megan (30%), who are brother and sister. Magenta Corporation adopts a plan of liquidation in the current year. On this date, the land has decreased in value to $250,000. Magenta Corporation sells the land for $250,000 and 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. $100,000. e. None of the above. ____ 35. Purple Corporation has two equal shareholders, Joshua and Ellie, who are father and daughter. One year ago, the two shareholders transferred properties to Purple in a 351 exchange. Joshua transferred land (basis of $400,000, fair market value of $350,000) and securities (basis of $20,000, fair market value of $80,000), while Ellie transferred equipment (basis of $220,000, fair market value of $430,000). In the current year, Purple Corporation adopts a plan of liquidation, sells all of its assets, and distributes the proceeds pro rata to Joshua and Ellie. The only loss realized upon disposition of the properties was with respect to the undeveloped land that had decreased in value to $290,000 and was sold for this amount. Purple never used the land for any business purpose during the time it was owned by the corporation. What amount of loss can Purple Corporation recognize on the sale of the land? a. $0. b. $50,000. c. $60,000. d. $110,000. e. None of the above. 12 Name: ________________________ ID: A ____ 36. On April 7, 2010, Crow Corporation acquired land in a transaction that qualified under 351. The land had a basis of $480,000 to the contributing shareholder and a fair market value of $350,000. Assume that the shareholder also transferred equipment (basis of $50,000, fair market value of $200,000) in the same 351 exchange. Crow Corporation adopted a plan of liquidation on October 6, 2011. On December 8, 2011, Crow Corporation distributes the land to Ali, a shareholder who owns 20% of the stock in Crow Corporation. The lands fair market value was $300,000 on the date of the distribution to Ali. Crow Corporation acquired the land to use as security for a loan it had hoped to obtain from a local bank. In negotiating with the bank for a loan, the bank required the additional capital investment as a condition of its making a loan to Crow Corporation. How much loss can Crow Corporation recognize on the distribution of the land? a. $0. b. $50,000. c. $180,000. d. $230,000. e. None of the above. ____ 37. During the current year, Ecru Corporation is liquidated and distributes its only asset, land, to Kena, the sole shareholder. On the date of distribution, the land has a basis of $300,000, a fair market value of $650,000, and is subject to a liability of $400,000. Kena, who takes the land subject to the liability, has a basis of $75,000 in the Ecru stock. With respect to the distribution of the land, which of the following statements is correct? a. Ecru Corporation recognizes a gain of $100,000. b. Kena has a basis of $250,000 in the land. c. Kena recognizes a gain of $175,000. d. Kena has a basis of $300,000 in the land. e. Kena recognizes a gain of $575,000. ____ 38. In the current year, Dove Corporation (E & P of $1 million) distributes all of its property in a complete liquidation. Alexandra, a shareholder, receives land having a fair market value of $200,000. Dove Corporation had purchased the land as an investment three years ago for $150,000, and the land was distributed subject to a $100,000 liability. Alexandra took the land subject to the $100,000 liability. What is Alexandras basis in the land? a. $50,000. b. $100,000. c. $150,000. d. $200,000. e. None of the above. ____ 39. After a plan of complete liquidation has been adopted, Condor Corporation sells its only asset, land (basis of $220,000), to Eduardo (an unrelated party) for $300,000. Under the terms of the sale, Condor Corporation receives cash of $50,000 and Eduardos notes for the balance of $250,000. The notes are payable over the next five years ($50,000 per year) and carry an appropriate interest rate. Immediately after the sale, Condor Corporation distributes the cash and notes to Maria, the sole shareholder of Condor Corporation. Maria has a basis of $30,000 in the Condor stock. The installment notes have a value equal to their face amount. If Maria wishes to defer as much gain as possible on the transaction, which of the following is correct? a. Maria recognizes a gain of $20,000 in the year of liquidation. b. Maria recognizes a gain of $45,000 in the year of liquidation. c. Maria recognizes a gain of $270,000 in the year of liquidation. d. Condor Corporation recognizes no gain or loss on the distribution of the installment notes. e. None of the above. 13 Name: ________________________ ID: A ____ 40. Indigo has a basis of $1 million in the stock of Owl Corporation, a subsidiary in which it owns 100% of all classes of stock. Indigo purchased the stock in Owl 10 years ago. In the current year, Indigo liquidates Owl and acquires assets worth $1.2 million. At the time of its liquidation, Owl Corporation had a basis of $800,000 in the assets and E & P of $500,000. Which of the following statements is correct with respect to the liquidation? a. Owl recognizes a gain of $400,000. b. Indigo has a $1 million basis in the assets. c. Owls E & P of $500,000 is eliminated. d. Indigo recognizes a gain of $200,000. e. None of the above. ____ 41. The stock of Cardinal Corporation is held as follows: 90% by Blue Jay Corporation (basis of $500,000) and 10% by Samuel (basis of $70,000). Cardinal Corporation is liquidated on October 20, 2011, pursuant to a plan adopted on January 7, 2011. Pursuant to the liquidation, Cardinal Corporation distributed Asset A (basis of $450,000, fair market value of $720,000) to Blue Jay, and Asset B (basis of $45,000, fair market value of $80,000) to Samuel. No election is made under 338. With respect to the liquidation of Cardinal: a. Cardinal Corporation recognizes a gain of $35,000. b. Blue Jay has a basis in Asset A of $720,000. c. Samuel recognizes no gain (or loss). d. Blue Jay recognizes a gain of $220,000. e. None of the above. ____ 42. Penguin Corporation purchased bonds (basis of $95,000) of its 100% owned subsidiary, Finch Corporation, at a discount. Pursuant to a 332 liquidation and in satisfaction of the indebtedness, Finch distributes land worth $100,000 (basis of $110,000) to Penguin. Which of the following statements is correct with respect to the distribution of land? a. Neither Finch nor Penguin recognize gain (or loss). b. Finch recognizes a loss of $10,000 and Penguin recognizes no gain. c. Finch recognizes no loss and Penguin recognizes a gain of $5,000. d. Finch recognizes a loss of $10,000 and Penguin recognizes a gain of $5,000. e. None of the above. ____ 43. The stock of Brown Corporation (E & P of $680,000) is owned as follows: 80% by Orange Corporation (basis of $620,000), and 20% by Susanna (basis of $155,000). Both shareholders purchased their shares in Brown five years ago. In the current year, Brown Corporation liquidates and distributes land (fair market value of $800,000, basis of $970,000) to Orange Corporation, and securities (fair market value of $200,000, basis of $160,000) to Susanna. Which of the following statements is incorrect with respect to the tax consequences resulting from these distributions? a. Susanna recognizes a $45,000 gain and has a $200,000 basis in the securities. b. Brown recognizes no loss on the distribution of the land. c. Orange recognizes no gain and has a $970,000 basis in the land. d. Brown recognizes no gain on the distribution of the securities. e. None of the above. 14 Name: ________________________ ID: A ____ 44. Three years ago, Loon Corporation purchased 100% of the stock of Pelican Corporation for $950,000. Currently, Pelican Corporation has assets with a basis of $1.1 million and a fair market value of $1.3 million. If Loon liquidates Pelican, what basis will Loon have in the assets it acquires from Pelican Corporation? a. $0. b. $950,000. c. $1.1 million. d. $1.3 million. e. None of the above. ____ 45. During the current year, Goldfinch Corporation purchased 100% of the stock of Dove Corporation and made a qualified election under 338. Which of the following statements is incorrect with respect to the 338 election? a. Goldfinch is treated as having bought all of Doves assets on the qualified stock purchase date. b. If Dove is liquidated, Goldfinch will have a basis in the assets received equal to Doves basis in the assets. c. Dove is treated as a new corporation as of the day following the qualified stock purchase date. d. Dove can recognize gain or loss as a result of the 338 election. e. None of the above. ____ 46. Which of the following statements is correct with respect to the 338 election? a. The subsidiary corporation makes the 338 election. b. A qualified stock purchase occurs when a corporation acquires, in a taxable transaction, at least 80% of the stock (voting power and value) of another corporation within a 18-month period. c. The subsidiary corporation must be liquidated pursuant to the 338 election. d. For purposes of the qualified stock purchase requirement, subsidiary corporation stock acquired by any member of an affiliated group that includes the parent corporation is considered acquired by the parent. e. None of the above. Problem 1. Ali is in the 35% tax bracket. He acquired 1,000 shares of stock in Cardinal Corporation seven years ago for $100 a share. In the current year, Cardinal Corporation (E & P of $1 million) redeems all of his shares for $300,000. What are the tax consequences to Ali if: a. The redemption qualifies for sale or exchange treatment, and Ali has no other transactions in the current year involving capital assets? b. The redemption does not qualify for sale or exchange treatment? 15 Name: ________________________ ID: A 2. Jill has a capital loss carryover in the current tax year of $80,000. She owns 1,000 shares of stock in Black Corporation which she purchased nine years ago for $75 per share. In the current year, Black Corporation (E & P of $800,000) redeems all of her shares for $600,000. Jill is in the 35% tax bracket. What are the tax consequences to Jill if: a. The redemption qualifies for sale or exchange treatment, and Jill has no other transactions in the current year involving capital assets? b. The redemption does not qualify for sale or exchange treatment? 3. Hawk Corporation has 2,000 shares of stock outstanding: Marina owns 700 shares, Russell owns 600 shares, Velvet Partnership owns 300 shares, and Yellow Corporation owns 400 shares. Marina and Russell, unrelated individuals, are equal partners of Velvet Partnership. Marina owns 25% of the stock in Yellow Corporation. a. Applying the 318 stock attribution rules, determine how many shares in Hawk Corporation each shareholder owns, directly and indirectly: Marina: Russell: Velvet Partnership: Yellow Corporation b. Assume, instead, that Marina owns 75% of Yellow Corporation. How many shares does Marina own, directly and indirectly, in Hawk Corporation? 4. Egret Corporation has manufactured recreational vehicles for 8 years. In addition, for the last 3 years, Egret has operated a separate division that sells bicycle equipment. Francis, an individual, and Loon Corporation each acquired 500 shares of stock in Egret (basis of $2,000 per share) 10 years ago. In the current year, the bicycle equipment division is entirely destroyed by fire. Egret Corporation decides to discontinue the business and distributes pro rata all of the $5 million of insurance proceeds collected as a result of the fire to Francis and Loon Corporation in redemption of 200 shares of stock from each shareholder. Determine the tax consequences of the stock redemption to Egret Corporation (E & P of $6 million), to Francis, and to Loon Corporation. 5. Sams gross estate includes stock in Tern Corporation and Wren Corporation, valued at $1.4 million and $980,000, respectively. At the time of Sams death in 2011, the stock represented 22% of Terns outstanding stock and 27% of Wrens outstanding stock. Sams adjusted gross estate equals $6,500,000. Death taxes and funeral and administration expenses for Sams estate total $980,000. Sam had a basis of $350,000 in the Tern stock and $190,000 in the Wren stock at the time of his death. None of the beneficiaries of Sams estate own (directly or indirectly) any stock in Tern Corporation, but some of the beneficiaries own stock of Wren Corporation. Consider the following independent questions. a. What are the tax consequences to the estate if all of its Wren stock is redeemed by Wren Corporation for $980,000? b. What are the tax consequences to the estate if all of its Tern stock is redeemed by Tern Corporation for $1.4 million? 16 Name: ________________________ ID: A 6. The gross estate of Raul, decedent who died in 2011, includes 700 shares of stock of Orange Corporation (basis to Raul of $400,000, fair market value on date of death of $3 million). The estate will incur $2 million of death taxes and funeral and administration expenses, and the adjusted gross estate is $8 million. Denise, Rauls daughter and sole heir of his estate, owns the remaining 300 shares of Orange Corporations (1,000) shares outstanding. In the current year, Orange (E & P of $4 million) redeems all of the estates 700 shares for $3 million. What are the tax consequences of the redemption to Rauls estate? 7. Ivory Corporation (E & P of $650,000) has 1,000 shares of common stock outstanding owned by unrelated parties as follows: Veronica, 500 shares, and Tommie, 500 shares. Veronica and Tommie each paid $125 per share for the Ivory stock 12 years ago. In May of the current year, Ivory distributes securities held as an investment (basis of $140,000, fair market value of $250,000) to Veronica in redemption of 200 of her shares. a. What are the tax results to Veronica on the redemption of her Ivory stock? b. What are the tax results to Ivory Corporation on the distribution of the securities? 8. Fred is the sole shareholder of Puce Corporation, having a basis of $90,000 in 1,000 shares of Puce common stock. Last year, Puce (E & P of $500,000) issued a dividend of 2,000 shares of preferred stock to Fred. On the date of distribution, the fair market values per share of the common and preferred stocks were $160 and $20, respectively. In the current year, Puce (E & P of $720,000) redeems all of Freds preferred stock for its fair market value of $40,000. a. What are the tax consequences of the preferred stock dividend to Fred? b. What are the tax consequences of the stock redemption to Fred? c. What are the tax consequences of the stock redemption to Puce? 9. The stock in Camel Corporation is owned by Albert and Tomoko, who are unrelated. Albert owns 30% and Tomoko owns 70% of the stock in Camel Corporation. All of Camel Corporations assets were acquired by purchase. The following assets are to be distributed in complete liquidation of Camel Corporation: Adjusted Basis $400,000 80,000 230,000 390,000 Cash Inventory Equipment Land Fair Market Value $400,000 100,000 200,000 300,000 a. What gain or loss would Camel Corporation recognize if it distributes the land to Albert and the cash, inventory, and equipment to Tomoko? b. What gain or loss would Camel Corporation recognize if it distributes the inventory and equipment to Albert and the cash and land to Tomoko? 17 Name: ________________________ ID: A 10. Mary and Jane, unrelated taxpayers, own Gray Corporations stock equally. One year before the complete liquidation of Gray, Mary transfers land (basis of $420,000, fair market value of $350,000) to Gray Corporation as a contribution to capital. Assume that Mary also contributed other property in the same transaction having a basis of $20,000 and fair market value of $95,000. In liquidation, Gray distributes the land to Jane. At the time of the liquidation, the land is worth $290,000. a. How much loss may Gray Corporation recognize on the distribution of the land to Jane? b. Assume that the transfer of land to Gray Corporation was made so that the corporation could subdivide the land and build residential housing. However, a subsequent deterioration of the housing market forced Gray Corporation to abandon its plans. What amount of loss may Gray Corporation recognize on the distribution of the land to Jane? 11. After a complete liquidation has been adopted, Wren Corporation sells its only asset, unimproved land (basis of $200,000) held as an investment. The land is sold to Seth (an unrelated party) for $500,000. Under the terms of the sale, Wren Corporation receives cash of $50,000 and Seths notes for the balance of $450,000. The notes are payable over the succeeding 5 years ($90,000 per year) and carry an appropriate rate of interest. Immediately after the sale, Wren Corporation distributes the cash and notes to Adam, the sole shareholder of Wren. Adam has an adjusted basis of $80,000 in the Wren stock. The installment notes have a value equal to their face amount of $450,000. a. How will Wren Corporation be taxed on the distribution? b. How will Adam be taxed on his receipt of the cash and notes? 12. The stock of Tan Corporation (E & P of $1.3 million) is owned as follows: 90% by Egret Corporation (basis of $520,000), and 10% by Zoe (basis of $55,000). Both shareholders acquired their shares in Tan more than six years ago. In the current year, Tan Corporation liquidates and distributes land (fair market value of $1.1 million, basis of $750,000) and equipment (fair market value of $700,000, basis of $410,000) to Egret Corporation, and securities (fair market value of $200,000, basis of $150,000) to Zoe. What are the tax consequences of these distributions to Egret, to Tan, and to Zoe? 13. On April 16, 2010, Blue Corporation purchased 15% of the Gold Corporation stock outstanding. Blue Corporation purchased an additional 50% of the stock in Gold on November 23, 2010, and an additional 20% on May 4, 2011. On September 23, 2011, Blue Corporation purchased the remaining 15% of Gold Corporation stock outstanding. a. For purposes of the 338 election, on what date does a qualified stock purchase occur? b. What is the due date for making the 338 election? Essay 1. Explain the stock attribution rules that apply in the case of stock redemptions. 2. Explain the requirements for waiving the family attribution rules in the case of complete termination redemptions. 18 Name: ________________________ ID: A 3. The partial liquidation rules provide a unique opportunity for a corporation to contract its business enterprises in a manner that produces favorable tax results for its shareholders. Discuss the requirements for a partial liquidation and the resulting tax consequences to the shareholders. 4. When is a redemption to pay death taxes under 303 most advantageous? 5. What are the tax consequences of a qualifying stock redemption to the distributing corporation? 6. Discuss the tax consequences associated with a sale of 306 stock. Can the 306 rules have a harsher tax result than if the corporation had distributed a taxable dividend in the first place? 7. The text discusses four different limitations on loss recognition by liquidating corporations. Provide a brief description of each of these loss limitations. 8. What are the tax consequences of a 332 liquidation to the parent corporation, subsidiary corporation, and minority shareholder? 9. Describe the requirements for and tax consequences of a 338 election. 19

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SUNY Albany - ACCT - 450
CHAPTER 6ALTERNATIVE MINIMUM TAX AND CERTAIN PENALTYTAXES IMPOSED ON CORPORATIONSSOLUTIONS TO PROBLEM MATERIALSPROBLEMS32.a.Yes, a small corporation because the company did pass the $5 million averagegross receipts test for the basic qualification
SUNY Albany - ACCT - 450
CHAPTER 6CORPORATIONS: DISTRIBUTIONS IN COMPLETE LIQUIDATIONAND AN OVERVIEW OF REORGANIZATIONSTRUE/FALSE1.A liquidation can occur for tax purposes even though the corporation has retained some assets to pay remaining debts andpreserve legal status.
SUNY Albany - ACCT - 450
ID: AChapter 07Answer SectionTRUE/FALSE1. ANS: TPTS: 1DIF: 1REF: p. 7-2OBJ: 1NAT: AICPA FN-Reporting | AACSB AnalyticMSC: 2 min2. ANS: FApply for a letter ruling from the IRS.3.4.5.6.PTS: 1DIF: 1REF: p. 7-2OBJ: 1NAT: AICPA FN-Reportin
SUNY Albany - ACCT - 450
CHAPTER 19 CORPORATIONS: DISTRIBUTIONS NOT IN COMPLETE LIQUIDATIONLECTURE NOTESCORPORATE DISTRIBUTIONSOVERVIEW 1. Distributions by a corporation to its shareholders are presumed to be dividends unless the parties can prove otherwise. Section 316 makes s
SUNY Albany - ACCT - 450
LIQUIDATIONS1.W Corporation distributes land to one of its shareholders, Arnold, pursuant to aplan of liquidation. The land, which W used in its business, had an adjusted basis of$40,000 and a $120,000 FMV. Arnold has an adjusted basis in his stock of
SUNY Albany - ACCT - 450
ACC 570CH 19 HOMEWORK SOLUTIONS PART A CORPORATE DISTRIBUTIONS33.Jade Corporations current E & P is computed as follows:Taxable incomeFederal income tax liabilityInterest income from tax-exemptsDisallowed portion of meals and entertainment expenses
SUNY Albany - ACCT - 450
Chapter 7Problem SolutionsFall 2011(pg. 7-46) Ques *27, *28, 29, 30, *31, 32, *33, *35, *37, 41, 5127.LO.2 Cole acquired 55% of Dane Corporation for $400,000 eight years ago. In the current year,Dane merges with Great Corporation, and Cole receives
SUNY Albany - ACCT - 450
Chapter 10Problem SolutionsFall 2011(pg. 10-48) Ques - 24, 25, 26, *27, *28, *29, *30, 31, *32, *33, *35, 37, *38, 40, *41, *42, *44. (17)24.LO.4 Justin and Tiffany form the equal TJ Partnership. Justin contributes cash of $300,000.Tiffany contribut
SUNY Albany - ACCT - 450
Chapter 11Problem SolutionsFall 2011(pg. 11-43) Ques - 21, *22, 23, 24, *25, 27, *28, *29, *30, 31, 32, *33, *34, *35, *36, *37, 38,*39, 40, 41, *42 (21)21.LO.1Gregs outside basis in his interest in the GO Partnership is $360,000. In a proportionat
SUNY Albany - ACCT - 450
Chapter 1121. a) Partnership does not recognize gain or loss for the distributionb) Greg does not recognize gain or loss.Proportionate nonliquidating distribution = Partner only recognizes gain if the cashreceived exceeds his outside basis; Partner on
SUNY Albany - ACCT - 450
Chapter 12Problem SolutionsFall 2011(pg. 12-39) Ques - *24, *25, *26, *27, *28, *29, 30, 33, 34, 35, 36, 37, 44, 45, *47, 48, 53, 54 (18)24.LO.5, 6 Sentilles, Inc., a calendar year S corporation, incurred the following items this year.a.Calculate S
SUNY Albany - ACCT - 450
Chapter 20Problem SolutionsFall 2011(pg. 20-36) Ques - *22, 23, 24, *27, *29, *30, *31, 32, *33, *34, 35, 38, 39. (13)22.LO.1 The trustee reports the following transactions for the 2011 tax year. The trusteeaccumulates all accounting income for the
University of Phoenix - AED - 222
EBD or ADHD AssignmentWeek 3This subject hits home my brother-n-law is 12 years old and has been diagnosed withADHD a behavioral problem. I mentioned to my mother-n-law before putting him onany type of medicine I would see what my options were. Trying
Alaska Pacific University - ENG - 100
2.The biggest Russian oil company is Rosneft followed by Lukoil, TNKBP, Surgutneftegaz, Gazprom Neft and Tatneft. All oil trunk pipelines (exceptCaspian PipelineConsortium) are owned and operated by the state-owned monopoly Transneft and oil productspip
University of Phoenix - CJS 230 - AAEW0QZ911
Review Homework LegendName Week Seven CheckPointDue 12/02/11 11:59pmLast Worked 12/01/11 9:58pmCurrent Score 71.15% (18.50 points out of 26)Number of times you can work each question unless otherwise indicated: unlimitedChanges will NOT affect your
National University of Singapore - MATH - 107
Revision PackageP&C1(a) 4989600 (b) 24542. 1203. 984. 540,0005. 352806. 36007(a) 144 (b) 48; 288Probability1(a) 27/80 ; 9/112 (b) 0.385 ; 0.64 ; 9/322(a) indept (b) 5/8 * 3/7 * 2 = 15/28 ; 3/14 ; 39/70Discrete RV1(c) P (Y = 4) = 1/ 24 ; E (Y
National University of Singapore - MATH - 107
MA5107 Assignment 6 Suggested Solution(a)There is a positive association between the number of years since 1990 andnumber of subscribers. The relationship between the number of years since 1990 andnumber of subscribers is strong and nonlinear.Let y =
National University of Singapore - MATH - 107
MA5107StatisticsName: _ () Date: _JOURNALMathematics is all around us and the concepts you learnt in this module is often applied in ourdaily lives. Read the attached articles and using what you have learnt in the module, apply theconcepts learnt a
National University of Singapore - MATH - 107
MA5107StatisticsName: _ () Date: _REVISION EXERCISE 1Instructions: Attempt the questions on your own first and the answers will be availableon Espace next week.PERMUTATION AND COMBINATION1.Find the number of permutations of the word MATHEMATICS t
National University of Singapore - MATH - 107
MA5107StatisticsREVISION EXERCISE 2 SUGGESTED SOLUTIONSampling Distribution1(a)To be a simple random sample, every possible group of 25 has to be equally likely to beselected, and this is not true here. For example, if there are 40 students who alwa
National University of Singapore - MATH - 107
MA5107StatisticsName: _ () Date: _REVISION EXERCISE 2Instructions: Attempt the questions on your own first and the answers will be available onEspace next week.SAMPLING DISTRIBUTION1.(a)(b)To obtain a sample of 25 students from among the 500 st
National University of Singapore - MATH - 107
MA5107StatisticsREVISION EXERCISE 3 SUGGESTED SOLUTION(Gentle Reminder: All INTERMEDIATE WORKINGS, LEAVE TO 5 d.p OR MORE,FINAL ANS, LEAVE TO 3 d.p! ALL PLOTS HAVE TO BE LABELLED PROPERLYTOO)MA6104 2009 Test 21x = 572sx = ( x x )2 = 225n 12a
National University of Singapore - MATH - 107
MA5107StatisticsName: _ () Date: _REVISION EXERCISE 3 (Past Year Questions)MA6104 2009 Test 21An aptitude test for deep-sea divers produces scores which are normally distributed on ascale from 0 to 100. A random sample of 160 divers were assessed,
National University of Singapore - MATH - 107
MA5107StatisticsName: _ (NOTES SET 7:) Date: _RELATIONSHIP BETWEEN TWO VARIABLESIntroductionSo far we have been concerned with analyzing data associated with a single variable, but manystatistical investigations have to do with the relationship be
National University of Singapore - MATH - 107
MA5107StatisticsMA5107 Tutorial 3 SolutionContinuous Random Variable Tutorial1(a)SinceisXacontinuousrandomvariable,wehavef ( x) dx = 1 ,all x1i.e kx dx + kx dx = 1 .k = 4/3.0514 1 4 4 1 1 4 x = 3 0 4 16 = 0.02083321(b)P ( X > 2
National University of Singapore - MATH - 107
MA5107 Tutorial 4 Suggested SolutionSampling Design Questions1(a)Assign 4-digit identification number to the students in the list. i.e. assign 0001 to the 1ststudent, 0002 to the 2nd student, etc and 4000 to the 4000th student on the list.Take consec
National University of Singapore - MATH - 107
MA5107 Tutorial 5 Suggested Solution1(a)H 0 : = 500H a : < 500 ,where is the mean life-time of Bunny batteries.1(b)Inference makes no sense as we have data of all students in his class.1(c)The students in our class is not an SRS of all Singaporean
National University of Singapore - MATH - 107
MA5107StatisticsName: _ () Date: _TUTORIAL & ASSIGNMENT 6Tutorial Questions (Discuss on _)1.For each of the following statements about correlation, explain if there is anything wrong.(a)(b)There is a high correlation between gender of Singaporea
National University of Singapore - MATH - 107
MA6207AP StatisticsName: _ () Date: _REVISION EXERCISE 1 with solutions (Notes Set 1, 2 and 3)1. Consider the sampling distribution of a sample of size 100 obtained by simplerandom sampling from a very large population. The population is highly skew
National University of Singapore - MATH - 107
MA6207AP StatisticsTutorial 4 Suggested Solution:1. 10.65(a)The histogram shows that the distribution is slightly skewed to the right, but the Normal distributionis reasonable.1. 10.65(b)Step 1: ParameterWe are interested to find , the process mea
National University of Singapore - MATH - 107
MA6207AP StatisticsTutorial 5 Suggested Solution:1.Question 14.3(a), (b)GradeProfessorsObservedCount (O)Prof %TAs %ProfessorsExpectedCount (E)ABCD/F2238201122= 0.242910.3238= 0.418910.4120= 0.220910.2011= 0.121910.07
National University of Singapore - MATH - 107
MA6207AP StatisticsName: _ () Date: _NOTES SET 1: EXPLORING DATAThis set of notes is to be used together with Chapter 1 of the textbook, The Practice of Statistics(Third Edition) by Yates, Moore & Starnes.IntroductionData can be organized and arra
National University of Singapore - MATH - 107
MA6207AP StatisticsName: _ () Date: _NOTES SET 2:This set of notes is to be used together with the textbook, The Practice of Statistics (Third Edition)by Yates, Moore & Starnes.IntroductionData must be collected according to a well-developed plan
National University of Singapore - MATH - 107
MA6207AP StatisticsName: _ () Date: _NOTES SET 3This set of notes is to be used together with the textbook, The Practice of Statistics (Third Edition)by Yates, Moore & Starnes.Introduction (page 617 618)Given the following scenarios: How long can
National University of Singapore - MATH - 107
MA6207AP StatisticsName: _ () Date: _NOTES SET 4 add-on: Paired t procedureThis set of notes is to be used together with Chapter 10, The Practice of Statistics (Third Edition)by Yates, Moore & Starne. It is to be read before example 10 on page 5.Pa
National University of Singapore - MATH - 107
MA6207AP StatisticsName: _ () Date: _NOTES SET 4This set of notes is to be used together with Chapter 10, 12 and 13 of the textbook, The Practice ofStatistics (Third Edition) by Yates, Moore & Starnes.IntroductionIn MA5107, we learnt about the pri
National University of Singapore - MATH - 107
MA6207AP StatisticsName: _ () Date: _NOTES SET 5:This set of notes is to be used together with Chapter 14 and 15 of the textbook, The Practice ofStatistics (Third Edition) by Yates, Moore & Starnes.IntroductionThis section is to be used together w
National University of Singapore - CHEM - 402
Lecture 5: Organicmetallics, Carbonyl-Substitution & Aldol ChemistryCM5402 Advanced Organic Chemistry1Outline of Lecture 5Formation of enolates and -substitution reactions ofenols- Halogenation- Alkylation- Regioisomerism: unsymmetrical enolates
National University of Singapore - CHEM - 402
CM5402 Advanced Organic ChemistryRevision Worksheet 1 SolutionNameMentor Group10501. For the following reaction,a) Draw the structure of B, C, D, E, F and G remembering to include anystereochemistry.b) Draw the reaction mechanism for the conver
National University of Singapore - CHEM - 402
CM5402 Advanced Organic ChemistryRevision Worksheet 2 SolutionNameMentor Group10501. Explain the difference in the regiochemistry of the following two reactions. Include thereaction reagents, mechanisms and intermediates.W hen LDA and lower temp
National University of Singapore - CHEM - 402
CM5402 Advanced Organic ChemistryRevision Worksheet 3 SolutionNameMentor Group1050Section ACBCEEDCADASection B1a)[6 marks]1b)[6 marks]Q2Product AProduct BProduct DProduct CProduct EHHOHOHOOROOR O2b)HHOHHBrOOHOHHOH
National University of Singapore - CHEM - 402
CM5402 Advanced Organic ChemistryNameMentor Group1050CM5402 Advanced Organic ChemistrySection 5: Carbonyl -Substitution Reactions & Carbonyl Condensation ReactionsOverview of Todays Lecture1. Formation of enol2. Carbonyl -Substitution Reactions
National University of Singapore - CHEM - 402
CM5402 Advanced Organic ChemistryNameMentor Group1050CM5402 Advanced Organic ChemistryOverview1. Polymers2. Practical: Making Polymer ToysPolymer nomenclatureA polymer is a large molecule (macromolecule) composed of repeating structural units
National University of Singapore - CHEM - 402
Chemistry DepartmentExplore,Explore, Experiment, ExcelCM6101 EXPERIMENTS IN SYNTHETIC CHEMISTRYName: _Experiment#5Class: _SYNTHESIS OF FERROCENEFerrocene can be prepared by the reaction of the anion of cyclopentadiene withIron(II) chloride accor
National University of Singapore - CHEM - 402
Chemistry DepartmentCM6101 EXPERIMENTS IN SYNTHETIC CHEMISTRYName: _Experiment#6Explore,Explore, Experiment, ExcelClass: _Synthesis of Potassium tris(oxalato)ferrate(III)The adduct of Fe3+ with oxalate ion is called a coordination compound or tra
National University of Singapore - CHEM - 402
BL5103 Ecology & the EnvironmentTest 1 (Answers)Duration: 40 minutesWrite your answers for the Multiple Choice Questions here.1. D11. E2. C12. B3. A13. D4. B14. B5. B15. C6. A16. D7. C17. E8. C18. A9. A19. D10. C20. CSection B: Str
National University of Singapore - BIO - 1101
LSM1103 BiodiversityNational University of SingaporePRACTICAL 3 - THE ALGAE, FUNGI AND PLANTSGUIDE FOR STUDENTSThe diversity of plants on earth is enormous - estimated to be more than half a millionspecies in total. Their importance to mankind and ci
National University of Singapore - BIO - 1101
LSM 1103Biodiversity(Plants - Spermatophytes)Dr. Benito C. TanDepartment of Biological ScienceNational University of SingaporeEmail: dbsbct@nus.edu.sgSpermatophytes Seed producing plantsGymnosperms and AngiospermsTwo large groups of AngiospermsD
National University of Singapore - BIO - 1101
LSM 1103Biodiversity(Plants - Spermatophytes)Dr. Benito C. TanDepartment of Biological ScienceNational University of SingaporeEmail: dbsbct@nus.edu.sgSpermatophytes Seed producing plantsGymnosperms and AngiospermsCycas a nativegymnospermsMicros
National University of Singapore - BIO - 1101
Dr. Benito C. TanDepartment of Biological ScienceNational University of SingaporeEmail: dbsbct@nus.edu.sgThe important attributes of a plant are:(1) a multicellular organism;(2) ability to perform photosynthesis;(3) the presence of a cell wall made
National University of Singapore - BIO - 1101
LSM 1103Biodiversity ofPhotosynthetic Bacteriaand Protists (Algae)Dr. Benito C. TanDepartment of Biological ScienceNational University of SingaporeEmail: dbsbct@nus.edu.sgThe non-motile, spore producing plants members ofKingdom Monera and Protoct
National University of Singapore - BIO - 1101
LSM 1103Biodiversity(Plants - Pteridophytes)Dr. Benito C. TanDepartment of Biological ScienceNational University of SingaporeEmail: dbsbct@nus.edu.sgComparison of plant sizebetween mosses and fernsDicranopteris, a sun lovingfern found in many di
National University of Singapore - BIO - 1101
LSM 1103Biodiversity ofFungi and LichensDr. Benito C. TanDepartment of Biological ScienceNational University of SingaporeEmail: dbsbct@nus.edu.sgW hat are fungi ? One of 5 kingdoms of living things Prokaryotes(1) Prokaryota or Monera Eukaryotes
National University of Singapore - BIO - 1101
LSM1103 BIODIVERSITY2010/2011 Semester 2Brief OutlineIntroduction to Biodiversity, Classification, Nomenclature.Introduction to biodiversity conservation.Diversity and classification of:Bacteria (Microbiology) (HB)Fungi (BCT)Protists (BCT & NNK)P
National University of Singapore - BIO - 1101
BL6401: Functions & AdaptationsPlant Nutrition, Transport &ReproductionTopics to be covered today:How are roots built to absorb water & minerals?How is water transported through plants?How do stems & leaves conserve water?How are nutrients transpor
National University of Singapore - BIO - 1101
Practice Questions [40 minutes]Give yourself not more than 20 minutes (at the max.) to answer each question.Structured Questions Attempt ALL the questions and write your answers in theanswer booklets provided. (30 marks)1a) A small population of trout
National University of Singapore - BIO - 1101
BL5103 Ecology & the EnvironmentTest 1 (Answers)Duration: 40 minutesWrite your answers for the Multiple Choice Questions here.1. D11. E2. C12. B3. A13. D4. B14. B5. B15. C6. A16. D7. C17. E8. C18. A9. A19. D10. C20. CSection B: Str
National University of Singapore - BIO - 1101
Assoc Prof Ho BowDepartment of MicrobiologyAY2010/2011LABORATORY RULES AND SAFETY PRECAUTIONS IN THEMICROBIOLOGY PRACTICAL LABORATORY12.3.4.5.6.7.8.9.10.11.12.13.14.15.It should always be assumed that the microorganisms with which you
National University of Singapore - BIO - 1101
Semester 1 AY2010/2011LSM 1103: DemonstrationsI.Special staining for unique bacterial structuresA.Acid-Fast StainingSome species of bacteria, particularly those in the genus Mycobacterium, do not stainreadily by staining procedures due to the prese
National University of Singapore - BIO - 1101
Microbial DiversityLSM1103 2010/11Ho BowDept MicrobiologyNational University SingaporeLearning objectives Understanding bacterial systematics Functions and usefulness of bacterialclassification Approaches & criteria in bacterialtaxonomy World o
National University of Singapore - BIO - 1101
LSM1103 - BiodiversityAY2010/2011 Semester IIMonday, March 7, 2011Why study biodiversity?Academic reasonsIncrease our knowledge and understanding of the natural world around us.What organisms are there? How do they differ from one another?How many