This is the same fact pattern as that above – Question 1 part b Mathis Family Dentistry Corporation is owned as follows: Josh – 200 shares Josh’s son, Jack – 200 shares Dale – 300 shares Wind River Family Dentistry Corporation – 300 shares Jack owns 40% of Wind River Family Dentistry Corporation. Dale is unrelated. Mathis Family Dentistry redeems all of Josh’s shares for $55 per share on 12/31. Josh’s AB in his Mathis Family Dentistry stock was $6,000 ($30 per share) prior to the stock redemption. Assume Mathis Family Dentistry has total E&P of $150,000.   B. Are there any other options available to Josh if he fails to qualify for sale/exchange treatment under the bright line tests? Justify your answer.  

This is the same fact pattern as that above – Question 1 part b Mathis Family Dentistry Corporation is owned as follows: Josh – 200 shares Josh’s son, Jack – 200 shares Dale – 300 shares Wind River Family Dentistry Corporation – 300 shares Jack owns 40% of Wind River Family Dentistry Corporation. Dale is unrelated. Mathis Family Dentistry redeems all of Josh’s shares for $55 per share on 12/31. Josh’s AB in his Mathis Family Dentistry stock was $6,000 ($30 per share) prior to the stock redemption. Assume Mathis Family Dentistry has total E&P of $150,000.   B. Are there any other options available to Josh if he fails to qualify for sale/exchange treatment under the bright line tests? Justify your answer.  

Aubie transfers assets to Tiger Corporation in a transaction subject to Sec. 351. Assets Transferred: Inventory with FMV  $40,000 and AB $50,000 Equipment with FMV $60,000 and AB $50,000 Investment with FMV $100,000 and AB $10,000 Total FMV $200,000 and AB of $110,000 In addition to stock, Aubie receives $60,000 cash.   A. What amount of gain/loss does Aubie recognize as a result of the transfer?

This is the same fact pattern as that above – Question 2 part d Lorrie incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation’s stock. The property transferred to the corporation had the following fair market value and adjusted bases: Inventory with FMV of $20,000 and AB of $10,000. Building with FMV of $150,000 and AB of $100,000. Land with FMV of $230,000 and AB of $300,000. Total FMV of $400,000 and AB of $410,000. The corporation also assumed a mortgage of $130,000 attached to the building and land.   D. What is the Corporation’s adjusted basis in the assets it receives? Inventory = [A] Equipment = [B] Investment = [C]

Laws prohibiting blacks from marrying whites, from enrolling in the same schools as whites, and from living in white neighborhoods were all included in:

This is the same fact pattern as that above – Question 2 part d Lorrie incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation’s stock. The property transferred to the corporation had the following fair market value and adjusted bases: Inventory with FMV of $20,000 and AB of $10,000. Building with FMV of $150,000 and AB of $100,000. Land with FMV of $230,000 and AB of $300,000. Total FMV of $400,000 and AB of $410,000. The corporation also assumed a mortgage of $130,000 attached to the building and land.   D. What is the Corporation’s adjusted basis in the assets it receives? Inventory = [A] Equipment = [B] Investment = [C]

This is the same fact pattern as that above – Question 2 part b Lorrie incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation’s stock. The property transferred to the corporation had the following fair market value and adjusted bases: Inventory with FMV of $20,000 and AB of $10,000. Building with FMV of $150,000 and AB of $100,000. Land with FMV of $230,000 and AB of $300,000. Total FMV of $400,000 and AB of $410,000. The corporation also assumed a mortgage of $130,000 attached to the building and land.   B. What is Lorrie’s adjusted basis in the shares she receives?

This is the same fact pattern as that above – Question 2 (Continued) part f Use the information above, but change the following assumptions: The mortgage attached to the building and land was $600,000 The building has a FMV of $250,000 The land has a FMV of $530,000 Total FMV $800,000; AB of $410,000   F. What is Lorrie’s adjusted basis in the shares she receives?

Use the information above, but change the following assumptions: The mortgage attached to the building and land was $600,000 The building has a FMV of $250,000 The land has a FMV of $530,000 Total FMV $800,000; AB of $410,000   E. What amount of gain/loss does Lorrie recognize as a result of the transfer?

Use the information above, but change the following assumptions: The mortgage attached to the building and land was $600,000 The building has a FMV of $250,000 The land has a FMV of $530,000 Total FMV $800,000; AB of $410,000   E. What amount of gain/loss does Lorrie recognize as a result of the transfer?