Corporation Class Discussion Problems
Dave, Jennifer and Fred want to organize a Delta, Inc. to manufacture
widgets. Dave has a suitable building that has a FMV of 100,000 and an
adjusted basis of $20,000. Jennifer has widget manufacturing e
1. Under the check the box regulations, the entities that receive partnership tax treatment are
which of the following?
a. General Partnerships
c. Limited Partnerships
e. All but d
2. Long term capital gains
Homework Week 2
Baker Corporation has net taxable income of $428,000. The rate tables are
found at IRC 11. Compute the tax on this amount of income. (It may be
helpful to use the table found in your text at page 17-5)
If Acme Co
Homework Week 3
Read Chapter 19
Liabilities assumed by a corporation in a 351 exchange do not constitute
a. The liabilities are less than the basis of the property contributed.
b. The liabilities were incurred by the shareholder
Under IRC 311, a corporation will not recognize gain on a distribution of
appreciated property to a shareholder, so long as the distribution is taxable to
the shareholder as a dividend.
King-of-the-Universe Corporation develops and se
Homework Week 5
Read Chapter 21
One benefit of a general partnership is limitation of liability.
a. One benefit of a True
A partnership files a tax return, Form 1065, on which it reports its income
tax liability from its operatio