(TCOs 1 and 8) Hunter and Warren form Tan Corporation

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(TCOs 1 and 8) Hunter and Warren form Tan Corporation. Hunter transfers equipment (basis of $210,000 and fair

market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 of cash. Each receives 50% of Tan’s stock. As a result of these transfers, (Points : 5)

       Hunter has a recognized loss of $30,000; Warren has a recognized gain of $135,000.

Neither Hunter nor Warren has any recognized gain or loss.

Hunter has no recognized loss; Warren has a recognized gain of $30,000.

Tan Corporation has a basis in the land of $45,000.

None of the above

 
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When James Largo died, he owned $10 million in various securities, real estate, and personal effects

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When James Largo died, he owned $10 million in various securities, real estate, and personal effects.

Under his will Largo gave $1 million to the local art museum and gave $2 million to his surviving wife Lorna. Discuss the tax implications here.

 
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This question was created from ch 2 https://www.coursehero.com/file/10025915/ch-2/

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This question was created from ch 2 https://www.coursehero.com/file/10025915/ch-2/

10025915-48173.jpeg

10025915-48173.jpeg

10025915-48173.jpeg

 
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How do U.S. GAAP and IFRS differ as it relates to stock options?

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How do U.S. GAAP and IFRS differ as it relates to stock options?

 
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