chapter 14 problems - 14,000 temple investemetn 2,000 30...

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Chapter 14 Problems 52,53,54,56,57,59,62,73,74 52) basis 15,000 FMV 27,000 900 shares10 par stock basis 1,000 FMV 3,000 100 shares a) No gain is recognized basis 15,000 b) no gain is recognized basis 1,000 c) gain 12,000 basis 15,000 d) gain 2,000 basis 1,000 53) building FMV 97,000 mortgage 75,000 basis 50,000 22 shares land FMV 22,000 basis 40,000 12 shares 1,000 bonds lyle accounting work 6 shares Yager recognized gain 25,000 basis of 22 shares 50,000 Boggs no recognized loss basis of 12 shares 40,000 54) basis value accts payable 0 3,000 accts receivable 0 5,000 printing press 4,000 6,000 truck 12,300 8,000 cash 2,000 2,000 70 shares
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Unformatted text preview: 14,000 temple investemetn 2,000 30 shares Mr Hogan investment basis 18,300 Gain recognized 4,300 Mr Temple no gain recognized Express press inc total investement 20,300 no gain recognized 56) basis FMV building donated 50,000 200,000 cash 75,000 no tax consequences 57) a) no b) no c) yes d) yes e) yes 59) a) 3,000 b) yes 62) 62,000 73) loss of 2,000 74) taxable income tax liability a) 100,000 15000 b) 150,000 22500 c) 400,000 60000 d) 11,000,000 3850000 e) 16,000,000 5600000 f) 19,000,000 6650000...
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