chapter 14 problems solutions - 67 Mr Temple no gain...

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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) no gain or loss basis 15,000 d) no gain basis 3,000 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 0 Boggs no recognized loss basis of 12 shares 30,000 lyle ordinary income 6,000 basis of stock 6,000 no gain or loss basis of building 75,000 basis of land 22,000 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 14,000 30 shares temple investemetn 2,000 Mr Hogan investment basis 18,300 no gain or loss 4,300 loss on loan paymen
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Unformatted text preview: 67 Mr Temple no gain recognized basis in shares 2,000 for 10 shares 4,000 for 20 shares 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 basis in building 0 57) a) no b) ITC recapture upon incorporation c) no d) no e) yes only on gift, no recapture on transfer 59) a) 3,000 b) his filing status is irrelevant since his section 1244 loss is below the limitation for singles 62) 62,000 73) loss of 5,000 realized gain of 3,000 74) taxable income tax liability a) 100,000 22250 b) 150,000 41750 c) 400,000 136000 d) 11,000,000 3750000 e) 16,000,000 5530000 f) 19,000,000 6650000...
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