Entries by Hannah Wangui

Beaver Corporation reported taxable income of $500,000 from operations this year.

December 17, 2020 in /by

<br/><br/>Beaver Corporation reported taxable income of $500,000 from operations this year. During the year, the company made a distribution of land to its sole shareholder, Eugenia VanDam. The land’s fair market value was $20,000 and its tax and E&amp;P basis to Beaver was $50,000. Eugenia assumed a mortgage on the land of $25,000. Beaver Corporation […]

 

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Badger Corporation declared a stock distribution to all shareholders of record on March 25 of this year

December 17, 2020 in /by

Badger Corporation declared a stock distribution to all shareholders of record on March 25 of this year. Shareholders will receive one share of Badger stock for each 10 shares of stock they already own. Madison Cheesehead owns 1,000 shares of Badger stock with a tax basis of $100 per share. The fair market value of the […]

 

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Spartan Corporation redeemed 25 percent of its shares for $3,300 on July 1 of this year, in a transaction that qualified as an exchange under §302(a)

December 17, 2020 in /by

Spartan Corporation redeemed 25 percent of its shares for $3,300 on July 1 of this year, in a transaction that qualified as an exchange under §302(a). Spartan’s accumulated E&amp;P at the beginning of the year was $3,300. Its current E&amp;P is $15,600. Spartan made dividend distributions of $1,500 on June 1 and $4,200 on August […]

 

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taxable income

December 17, 2020 in /by

Lanco Corporation, an accrual-method corporation, reported taxable income of $1,930,000 this year. Included in the computation of taxable income were the following items: -MACRS depreciation of $325,000. Straight-line depreciation would have been $219,000. -A net capital loss carryover of $13,600 from last year. -A net operating loss carryover of $31,400 from last year. -$83,550 capital […]

 

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