T11F-Chp-13-2-Class-Exercises-on-Inv-in-Corp-or-Partnership-Excel

T11F-Chp-13-2-Class-Exercises-on-Inv-in-Corp-or-Partnership-Excel

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Problems 021e3973735a3aee9c023261fd3f1f3dd96a6bd1.xls Page 1 of 3 1 received by Bob on date of transfer was $80,000. What is the amount of gain to be recognized by Bob? a. $-0- b. $10,000 c. $20,000 $30,000 e. $40,000 2 Refer to preceding question. What is the basis of the stock received by Bob? a. $-0- b. $10,000 c. $30,000 $40,000 e. $50,000 3 Refer to preceding question. What is the basis of the Land received by New Corporation? a. $-0- b. $10,000 c. $30,000 $40,000 e. $50,000 4 Ann of $50,000 and a FMV of $80,000. The land was subject to a mortgage of $10,000, which New Corporation assumed for a bona fide business purpose. The FMV of stock received by Ann on the date of transfer was $70,000. What is the amount of gain to be recognized by Ann? a. $-0- b. $10,000 c. $20,000 $30,000 e. $40,000 5 Refer to the preceding question. What is the basis of the stock received by Ann? a. $-0- b. $10,000 c. $30,000 $40,000 e. $50,000 6 Refer to the preceding question. What is the basis of the Land received by New Corporation? a. $-0- b. $10,000 c. $30,000 $40,000 e. $50,000 7 to Van of $50,000 and a FMV of $80,000. The land was subject to a mortgage of $60,000, which New Corporation assumed for a bona fide business purpose. The FMV of stock received by Van on the date of transfer was $20,000. What is the amount of gain to be recognized by Van? a. $-0- b. $10,000 c. $20,000 $30,000 e. $40,000 8 Refer to preceding question. What is the basis of the stock received by Van? a. $-0- b. $10,000 c. $30,000 $40,000 e. $50,000 9 Refer to preceding question. What is the basis of the Land received by New Corporation? a. $-0- b. $10,000 c. $30,000 $40,000 e. $60,000 ------------------------ 10 The land with a basis of $50,000 for Tammy and FMV of $100,000. There was no debt on Tammy's land. The partnership had no debt. What was Tammy’s recognized gain on this contribution to the partnership? a.
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This note was uploaded on 03/09/2012 for the course ACCT 4220 taught by Professor Burton during the Spring '08 term at UNC Charlotte.

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T11F-Chp-13-2-Class-Exercises-on-Inv-in-Corp-or-Partnership-Excel

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